Key Highlights
ETH price formed a low near the $360 level and started an upside move against the US Dollar.
There was a break above a major bearish trend line with resistance at $370 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair may continue to move higher towards the $440 level as long as it is above $370.
Ethereum price is slightly recovering against the US Dollar and Bitcoin. ETH/USD may recover further if it succeeds in gaining pace above $415.
Ethereum Price Trend
This past week was very heavy since ETH price traded lower towards the $350 level against the US Dollar. The price traded as low as $360 and later it started trading in a range. It consolidated above the $350 level with several rejections from the $360 level. Finally, there was an upside move and the price succeeded in gaining momentum above the $370 level.
During the upside, there a break above a major bearish trend line with resistance at $370 on the 4-hours chart of ETH/USD. The pair traded above the $382 resistance as well, which is a positive sign. The current price action is positive and it seems like the price may move towards $400 and $410. The next major resistance is near the 23.6% Fib retracement level of the last drop from the $595 high to $360 low. Above the $415 level, the 100 simple moving average (4-hours) is at $440 level to prevent gains.
Ethereum Price Weekly Analysis ETH USD
The most important hurdle is near the 50% Fib retracement level of the last drop from the $595 high to $360 low at $477. On the downside, the price must hold the broken resistance at $370 to remain in a positive zone. A break below $370 and $360 supports could ignite further declines.
4-hours MACD – The MACD is now back in the bullish zone.
4-hours RSI – The RSI is currently just above the 55 level.
Major Support Level – $360
Major Resistance Level – $415
Charts courtesy – Trading View
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Some testing times within the next few weeks! Looking at levels from previous years if we can break key resistance over the next few weeks and months, new highs in the future are definitely looking promising!
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