Ethereum Price Weekly Forecast: ETH Rally Not Likely Over @newsbtc #Analysis #Technical #ETH #ethereum

• ETH price rallied recently and broke many resistances near $172 and $185 against the US Dollar.
• The price even spiked above the $188 resistance and it is currently correcting lower.
• There was a b...
  • ETH price rallied recently and broke many resistances near $172 and $185 against the US Dollar.
  • The price even spiked above the $188 resistance and it is currently correcting lower.
  • There was a break above a significant bearish trend line with resistance near $170 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to find a strong support near $175 and $172 levels in the coming sessions.

  Ethereum price is trimming gains below $185 against the US Dollar, similar to bitcoin. ETH is likely to stay above $172 and it could bounce back in the near term.

  Ethereum Price Weekly Analysis

  In the past two days, Ethereum gained bullish momentum from the $155 support area against the US Dollar. As a result, there was a sharp rally above the $165 and $172 resistance levels to start an uptrend.

  Moreover, there was a close above the $175 level and the 100 simple moving average (4-hours). During the rise, there was a break above a significant bearish trend line with resistance near $170 on the 4-hours chart of ETH/USD.

  It opened the doors for more gains and the price rallied above the $188 and $195 resistances. Ethereum traded as high as $199 and recently started a downside correction.

  There was a break below the $185 support, plus the price declined below the 23.6% Fib retracement level of the recent rally from the $153 swing low to $199 high. Additionally, the price traded below the $180 level and tested the 100 simple moving average (4-hours).

  It seems like the 50% Fib retracement level of the recent rally from the $153 swing low to $199 high is acting as a strong support. If there is a downside break below the $175 support, the price could test the $172 support area, where the bulls are likely to take a stand.

  A similar price action is visible in bitcoin near $9,000. Therefore, ETH must stay above the $175 and $172 support levels to start a fresh increase. If not, it may perhaps decline towards the $165 and $160 support levels in the near term.

  

  The above chart indicates that Ethereum price is trading near a couple of important supports above $175 and $172. Therefore, there are high chances of a fresh increase above $180 and $185. The main resistance is near $188, above which the price might revisit the $200 handle.

  Technical Indicators

  4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

  4 hours RSI – The RSI for ETH/USD is still well above the 50 level, with bullish signs.

  Major Support Level – $172

  Major Resistance Level – $188

  The post Ethereum Price Weekly Forecast: ETH Rally Not Likely Over appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-price-weekly-forecast-eth-rally-not-likely-over-5db53081a76ca7d120e8ea05