Ethereum Price Weekly Analysis: ETH/USD Uptrend Is Intact

Key Highlights

  • ETH worth is buying and selling with a constructive bias above the $220 stage in opposition to the US Greenback.
  • There’s a main bullish development line fashioned with assist at $224 on the Four-hours chart of ETH/USD (knowledge feed by way of Kraken).
  • The pair is presently struggling to interrupt the $252 resistance and is correcting decrease.

Ethereum worth is buying and selling with constructive strikes versus the US Greenback and Bitcoin. ETH/USD might decline a couple of factors, but it surely stays supported above $220.

Ethereum Price Evaluation

This previous week, there was a gradual and regular rise from the $190 swing low in ETH worth in opposition to the US Greenback. The ETH/USD pair traded larger and broke the $200, $210 and $240 resistance ranges. There was additionally an in depth above the $220 stage and the 100 easy shifting common (Four-hours). The worth traded as excessive as $255 and it’s presently correcting decrease in direction of the $220 stage.

It has breached the 23.6% Fib retracement stage of the final leg from the $197 low to $255 excessive. Nevertheless, there’s a robust assist close to the $226 stage and the 100 hourly SMA. Extra importantly, there’s a main bullish development line fashioned with assist at $224 on the Four-hours chart of ETH/USD. Moreover, the 50% Fib retracement stage of the final leg from the $197 low to $255 excessive is close to $226. Subsequently, if the value dips from the present ranges, it might discover assist close to the $226 and $224 ranges. Beneath these, the value might maybe decline again in direction of the $200-203 assist space.

The above chart signifies that ETH worth is positioned properly above $220. Nevertheless, there’s additionally a powerful resistance zone close to the $270 stage. Consumers have to clear the $255 and $270 ranges to set the tempo for extra positive aspects in direction of the $300 stage within the close to time period.

Four-hours MACD – The MACD is barely positioned within the bearish zone.

Four-hours RSI – The RSI is presently effectively under the 50 stage.

Main Help Degree – $224

Main Resistance Degree – $270

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