Ethereum Price Weekly Forecast: ETH Bulls Facing Uphill Task

• ETH price remained supported above the $200 level and recovered slightly support against the US Dollar.
• The price climbed above $220, but it faced a strong resistance near the $225 level.
• Earlier, there was a break above a major bearish trend line with resistance near $212 on the 4-hours chart of ETH/USD (data feed via Kraken).
• The pair is currently at a risk of more losses unless it climbs above the $225 and $235 resistances.

Ethereum price is showing signs of weakness against the US Dollar and bitcoin. ETH price is likely to break the $200 support if it continues to struggle near $225.

Ethereum Price Weekly Analysis

This past week, there was a short term recovery in bitcoin and Ethereum against the US Dollar. The ETH/USD pair formed a decent support base near the $200 level and later started an upside correction. It traded above the $210 and $215 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $279 high to $191 low.

Additionally, there was a break above a major bearish trend line with resistance near $212 on the 4-hours chart of ETH/USD. The pair even traded above the $220 level, but it remained well below the 100 simple moving average (4-hours). It seems like the $225 level acted as a strong resistance and prevented more gains. There were two rejections noted near the $225 level before the price declined below $220.

Moreover, the price remained well below the 50% Fib retracement level of the downward move from the $279 high to $191 low. On the upside, it seems like there are a few important resistances forming near $225, $230 and $235. The 100 simple moving average (4-hours) is near the $230 level to act as strong hurdle for the bulls. Therefore, a close above the 100 simple moving average (4-hours) and $235 is needed for an upward move.

On the downside, the main support is near the $200 level. If there is a downside break below the $200 support, the price could break the last swing low near $191 and accelerate losses in the coming sessions.

The above chart indicates that Ethereum price is facing an uphill task near the $225 and $230 levels. Until there is a close above the $235 barrier, there is a risk of more downsides below $200. The next key supports are near $191 and $184.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is currently placed heavily in the bearish zone.

4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a minor bullish angle.

Major Support Level – $200

Major Resistance Level – $230

The post Ethereum Price Weekly Forecast: ETH Bulls Facing Uphill Task appeared first on NewsBTC.

from NewsBTC https://ift.tt/2Ya3Ehz