Ethereum Price Weekly Analysis – ETH/USD Upsides Capped

Key Highlights

  • ETH price after trading as low as $199.74 against the US Dollar found support and recovered above $250.
  • There are two bearish trend lines waiting on the upside at $274-280 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to correct lower once again towards $230 before making an upside attempt.

Ethereum price recovered well against the US Dollar and Bitcoin. However, upsides remain capped in ETH/USD near $275 and $280.

Ethereum Price Resistance

This past week due to all Chinese drama, we saw a major decline in ETH price below the $250 level against the US Dollar. The price even traded below the $200 handle to form a low at $199.74. Later, the price started correcting higher, and made an upside move above $225. It corrected above the 38.2% Fib retracement level of the last decline from $315.15 high to $199.74 low.

However, the upside move was protected by the $270 region. The 61.8% Fib retracement level of the last decline from $315.15 high to $199.74 low acted as a crucial resistance. On the upside, there are two bearish trend lines waiting at $274-280 on the 4-hours chart of ETH/USD to act as a hurdle. It looks like a break and close above $280 won’t be easy considering resistances on the upside. Furthermore, the 100 simple moving average (H4) is sitting near the $308 level to stop any major gains.

Ethereum Price Weekly Analysis ETH USD

A proper close above the 100 simple moving average (H4) and $310 is needed for the pair to be back in the bullish zone. In the short term, there can be a minor correction back towards $230. Any further downsides could take the pair towards $215 in the near term.

4-hours MACD – The MACD is slowly decreasing the bearish zone.

4-hours RSI – The RSI is still below the 50 level.

Major Support Level – $225

Major Resistance Level – $280

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.

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