Ethereum Price Weekly Forecast: ETH Could Rally Again
- ETH price found support near the $178 zone and is correcting higher against the US Dollar.
- The price is currently consolidating above the $180 support area, with a few positive signs.
- There is a major bullish trend line forming with support near $182 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on the downside near the $182, $180 and $178 levels.
Ethereum price is likely to climb above the $185 resistance against the US Dollar, while consolidating vs bitcoin. ETH price must stay above $178 to resume its upward move.
Ethereum Price Weekly Analysis
This past week, Ethereum started a downside correction below the $188 and $185 supports against the US Dollar. Moreover, ETH traded below the $182 and $180 support levels.
However, the $178 support area (the previous resistance) acted as a strong support. Besides, the price managed to stay above the $175 pivot and the 100 simple moving average (4-hours).
As a result, the price started a slow rise above the $180 resistance. There was a break above the 23.6% Fib retracement level of the downward move from the $194 swing high to $178 swing low. The price even climbed above the $184 level, but it seems like it is facing hurdles near $185-$186.
Additionally, the 50% Fib retracement level of the downward move from the $194 swing high to $178 swing low is currently acting as a resistance. Therefore, an upside break above the $185 and $186 resistance levels could set the pace for more gains.
The next key resistance is near the $190 area, above which Ethereum will most likely surge towards the $200 and $205 resistance levels. On the downside, there is a major bullish trend line forming with support near $182 on the 4-hours chart of ETH/USD.
If there is a fresh decline below the trend line, the price could find support near the $180 level and the 100 simple moving average (4-hours). The main support is near the $178 level, below which there is a risk of an extended decline in the coming days.
The above chart indicates that Ethereum price likely to break the $185 and $186 resistance levels. In the mentioned bullish case, the price is likely to continue higher towards the $190 and $200 levels. Conversely, the $180 and $178 support levels holds the key. If there is a bearish break below $178, the price may perhaps test $175 and $166.
4 hours MACD – The MACD for ETH/USD is mostly flat in the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently above the 50 level, with a minor bearish angle.
Major Support Level – $178
Major Resistance Level – $186
Published at Sun, 03 Nov 2019 06:00:41 +0000