Ethereum Price Weekly Analysis – ETH/USD Resumes Trend
Array

Ethereum Price Weekly Analysis – ETH/USD Resumes Trend

-

- Advertisment -

Key Highlights

  • ETH price week after gaining bids this past week moved higher and broke the $237 resistance against the US Dollar.
  • There was a break above a major bearish trend line at $226 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair recently traded as high as $263.22 and any dips remain supported in the near term.

Ethereum price is back in the bullish trend against the US Dollar and Bitcoin. ETH/USD is now poised for more upsides above $260.

Ethereum Price Upside Surge

It seems like a bottom is formed in ETH price around the $140 level against the US Dollar. The price has recovered a lot during the past few days and recently broke a major resistance near $237. The upside move was decent and points a lot of strength above $230. During the upside move, the price also cleared another major resistance near $222 and the 100 simple moving average (H4).

There was also a break above a major bearish trend line at $226 on the 4-hours chart of ETH/USD. This is a great sign that ETH buyers are back in action with a close above $220. So, there are chances that the pair might continue to trade higher in the near term. It recently traded as high as $263.22 and currently correcting lower. An initial support is around the 23.6% Fib retracement level of the wave from the $218.38 low to $263.22 high.

Ethereum Price Weekly Analysis ETH USD

However, the most important support is now near $237-240. It was a major resistance and now a crucial support at $237. Furthermore, the 50% Fib retracement level of the wave from the $218.38 low to $263.22 high is at $240.08. Overall, buying dips remain a good option near $237-240 in the short term.

4-hours MACD – The MACD is gaining pace in the bullish zone.

4-hours RSI – The RSI is currently in the overbought zone.

Major Support Level – $237

Major Resistance Level – $260.00

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


Source link

Ethereum Price Weekly Analysis – ETH/USD Resumes Trend
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

Latest news

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business, sanctified and supported by the state, the BSN ( Blockchain...

Top 10 BEST Crypto Trading Books for New Traders (2020)

We may receive a small revenue share if you purchase something from this guide - with...

Crypto Firm That Connects Exchanges and Banks Receives $5m Investment From Wells Fargo

Cryptocurrency startup Elliptic recently held a Series B funding round which was joined by a venture arm...

Will New Zealand’s crypto salary project work?

Now in 2020, Bitcoin, and in a broader sense cryptocurrencies in general, have gone through hundreds of...
- Advertisement -

Is Tron’s decentralized app market really a “Las Vegas on the blockchain?”

The original idea behind creating cryptocurrencies was to offer a much more decentralized and convenient payment platform...

Why Blockd’s anti-hacking tool is vitally important for crypto

“Blockd.” That’s the message that appears if a hacker tries to steal funds out of an account...

Must read

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business,...
- Advertisement -Ethereum Price Weekly Analysis – ETH/USD Resumes TrendEthereum Price Weekly Analysis – ETH/USD Resumes Trend

You might also likeRELATED
Recommended to you