Key Highlights
- ETH price declined recently below the 0 level before buyers emerged near 6 against the US Dollar.
- There is a major bullish trend line with support at 1 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair must clear the 7 hurdle and the 100 simple moving average (4-hours) to gain momentum.
Ethereum price is trading near crucial levels versus the US Dollar and Bitcoin. ETH/USD must surpass the 7 and 4 levels to gain upside momentum.
Ethereum Price Analysis
This past week, there was a slow and steady decline below the 5 level in ETH price against the US Dollar. The ETH/USD pair even traded below the 0 support and settled below the 100 simple moving average (4-hours). The price traded as low as 6 and later started an upside correction. It traded above the 0 level and recovered more than 2%.
During the climb, it broke the 23.6% Fib retracement level of the recent decline from the 9 high to 6 low. However, there is a strong resistance formed near 7 and the 100 simple moving average (4-hours). There were a couple of rejections near 7-208 and it may continue to prevent gains. It also represents the 50% Fib retracement level of the recent decline from the 9 high to 6 low. Therefore, a successful close above the 7 level and the 100 simple moving average (4-hours) is needed for more gains in the near term.
The above chart indicates that ETH price is trading near crucial levels with support near 1. There is also a major bullish trend line with support at 1 on the same chart. Therefore, the price may soon make the next move either above 7-208 or below 1. Above 8, the price is likely to test the next key resistance at 4.
4-hours MACD – The MACD is slightly placed in the bullish zone.
4-hours RSI – The RSI is currently near the 55 level.
Major Support Level – 1
Major Resistance Level – 7
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