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Ethereum Price Weekly Analysis – ETH/USD Eyeing Upsides

Key Highlights

  • ETH price made a nice upside move towards $13.50 against the US Dollar.
  • There was a break above a monster resistance area at $11.42 on the daily chart (data feed via SimpleFX) of ETH/USD.
  • On the downside, there is a bullish trend line, which may act as a support if the pair dips towards $11.50.

Ethereum price is back in the bullish zone against the US Dollar with a close above $13.00. More gains are possible in ETH/USD moving ahead.

Ethereum Price Upside Break

These past 2-3 days were good for Ethereum price, as it managed to clear a couple of important resistance levels like $11.40 against the US Dollar. The price gained pace once there was a break and managed to settle above the $13.00 handle as well. These all are positive signs, and suggest a positive momentum for the price. It looks like the price may continue to trade higher, and could even break the recent high of $13.60.

On the downside, an initial support on the daily chart is at $12.80. It coincides with the 23.6% fib retracement level of the last wave from the $10.24 low to $13.60 high. So, if the price dips from the current levels, it may find support near $13.00 and $12.80. Furthermore, at $11.50, there is a bullish trend line on the daily chart (data feed via SimpleFX) of ETH/USD. It also coincides with the recent broken resistance at $11.45.

Ethereum Price Weekly Analysis ETH

So, we can say that there are many support levels on the downside for ETH/USD, and it may bids if corrects lower. If you are a buyer, watch for dips near $13.00 and $12.50. On the upside, a break above $13.60 could take the price towards $14.00.

Daily MACD – The MACD is in the bullish zone with positive signs.

Daily RSI – The RSI is moving into the overbought levels.

Major Support Level – $12.80

Major Resistance Level – $13.60

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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