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Ether Price Analysis – ETH/USD Weekly Forecast: Ether in Clear Uptrend

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Ether remains in a clear uptrend against the US Dollar, and recovering versus Bitcoin. ETH/USD is poised to break $350.00 in the near term.

Technically, the daily chart indicators continue to move higher in the bullish territory.

Ether Price to Break $350?

There was a decent rise in ETH/USD as the pair managed to hold the $280.00 support and settled above the $305.00 barrier this past week.

Ether Price Weekly Analysis Chart

In contrast, the ETH/BTC pair declined by more than 10% towards 0.075BTC and is currently recovering towards a major pivot at 0.080BTC.

Looking at the 4-hour chart of ETH/USD, there was a rejection from $345.00. The pair declined towards $290.00 before moving back in the bullish zone. There is a slow and steady uptrend in place with resistances near $340.00 and $345.00.

On the downside, there is a bullish trendline forming with support at $328.00. Provided that the trendline support at $328.00 is intact, the chances of Ether breaking the $345.24 high are very high.

Alternatively, a break and close below $325.00 would open the doors for an extended decline towards two crucial bullish trendlines with support around $310.00.

The $310.00 support is just above the 50 percent Fibonacci retracement level of the last leg from the $271.36 low to $345.24 high. Therefore, the mentioned $310.00 support holds a lot of significance for the current uptrend.

Ethereum ETH/USD Weekly Forecast

Moving on to the daily chart of ETH/USD, there is a monster ascending triangle forming with support at $290.00. On the upside, the triangle resistance is above $350.00.

The current price action suggests further gains in ETH/USD in the medium term above $350.00. In the long-term, Ether has largely recovered from $133.79 low and the technical structure suggests a growing upside momentum.

Disclaimer:

The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

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Ether Price Analysis - ETH/USD Weekly Forecast: Ether in Clear Uptrend
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