Ethereum Price Weekly Analysis – ETH/USD Recovery Unlikely

Ticker

1 BTC = $43870.81 USD  (via Coinbase)
1 ETH = $3077.84 USD  (via Coinbase)
1 LTC = $160.65 USD  (via Coinbase)
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Key Highlights

  • ETH price started to decline after trading as high as $10.84 against the US Dollar.
  • There is a bearish trend line formed on the 4-hours chart (data feed via SimpleFX) of ETH/USD, which is currently a resistance near $10.40.
  • The price is currently above the 100 hourly simple moving average, which is a good support at $10.00.

Ethereum price is in a downtrend at the moment against the US Dollar, and it looks like a recovery in ETH/USD is unlikely in the near term.

Ethereum Price Resistance

This past week we saw how Ehereum price struggled against the US Dollar, starting from the $10.84 high. There was a downside wave initiated, as the price moved below $10.50. There was also a break below the 23.6{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last wave from the $9.57 low to $10.84 high. The move was so strong that the price broke the 38.2{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} fib level of the same wave.

The downside was paused just above the $10.10 level. There is a clear bearish trend line formed on the 4-hours chart (data feed via SimpleFX) of ETH/USD. It has a resistance near $10.40, which may continue to act as a hurdle for the ETH buyers. A break above it could start a reversal process in Ethereum price. On the downside, the 50{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last wave from the $9.57 low to $10.84 high is acting as a support.

Ethereum Price Weekly Analysis

There was no proper close below the $10.10 support, as the price continued to stay above it. A break below it might call for further losses in the near term. In short, as long as the price is below the trend line or $10.40, ETH/USD remains in a downtrend.

4-hours MACD – The MACD is in the bearish zone, but attempting to change the slope.

4-hours RSI – The RSI is just below the 50 level, which is a bearish zone.

Major Support Level – $10.10

Major Resistance Level – $10.40

Charts courtesy – SimpleFX

Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $43870.81 USD  (via Coinbase)
1 ETH = $3077.84 USD  (via Coinbase)
1 LTC = $160.65 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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