Ethereum Price Weekly Analysis: ETH/USD Remains at Risk

Key Highlights

  • ETH worth is struggling to maneuver increased above the $510 and $520 resistance ranges in opposition to the US Greenback.
  • There’s a key bearish development line in place with resistance close to $505 on the Four-hours chart of ETH/USD (knowledge feed through Kraken).
  • The pair stays at a threat of extra losses if it fails to maneuver above the $505 and $510 resistances.

Ethereum worth is slowly transferring decrease versus the US Greenback and Bitcoin. ETH/USD might decline additional if sellers stay in management under $500.

Ethereum Price Resistance

This previous week, ETH worth tried an upside restoration from the $448 low in opposition to the US Greenback. The worth traded above the $500 resistance degree. It additionally climbed above the 23.6% fib retracement degree of the final drop from the $609 excessive to $448 low. Nevertheless, the value confronted plenty of resistances above the $510 degree, which protected extra features above the acknowledged degree.

There was a rejection from the $530 resistance zone. Furthermore, the 50% fib retracement degree of the final drop from the $609 excessive to $448 low acted as a powerful resistance. Extra importantly, there’s a key bearish development line in place with resistance close to $505 on the Four-hours chart of ETH/USD. The pair struggled to maneuver above the development line and $530. It’s at present transferring decrease and is buying and selling under the $510 and $500 ranges. It stays at a threat of extra losses if consumers fail to maneuver the value above the development line resistance and the $520 resistance.

The above chart signifies that the value is discovering it onerous to maneuver increased above $510. On the draw back, an preliminary help is across the $485 degree. Beneath the acknowledged degree, the value may decline additional in the direction of the $450 degree within the close to time period.

Four-hours MACD – The MACD is slowly transferring within the bullish zone.

Four-hours RSI – The RSI is at present just under the 50 degree.

Main Assist Degree – $485

Main Resistance Degree – $520

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