Ethereum Price Weekly Forecast: ETH Could Rally Again @newsbtc #Analysis #Technical #ETH #ethereum

• 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 ...
  • 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.

  Technical Indicators

  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

  The post Ethereum Price Weekly Forecast: ETH Could Rally Again appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-price-weekly-forecast-eth-could-rally-again-5dbe6b013b5a709c14f64bd5