Ethereum Price Weekly Analysis: ETH/USD Uptrend Is Intact

Key Highlights

  • ETH price is trading with a positive bias above the $ 220 level against the US Dollar.
  • There is a major bullish trend line formed with support at $ 224 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is currently struggling to break the $ 252 resistance and is correcting lower.

Ethereum price is trading with positive moves versus the US Dollar and Bitcoin. ETH/USD could decline a few points, but it remains supported above $ 220.

Ethereum Price Analysis

This past week, there was a slow and steady rise from the $ 190 swing low in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $ 200, $ 210 and $ 240 resistance levels. There was also a close above the $ 220 level and the 100 simple moving average (4-hours). The price traded as high as $ 255 and it is currently correcting lower towards the $ 220 level.

It has breached the 23.6% Fib retracement level of the last leg from the $ 197 low to $ 255 high. However, there is a strong support near the $ 226 level and the 100 hourly SMA. More importantly, there is a major bullish trend line formed with support at $ 224 on the 4-hours chart of ETH/USD. Additionally, the 50% Fib retracement level of the last leg from the $ 197 low to $ 255 high is near $ 226. Therefore, if the price dips from the current levels, it could find support near the $ 226 and $ 224 levels. Below these, the price may perhaps decline back towards the $ 200-203 support area.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is placed nicely above $ 220. However, there is also a strong resistance zone near the $ 270 level. Buyers need to clear the $ 255 and $ 270 levels to set the pace for more gains towards the $ 300 level in the near term.

4-hours MACD – The MACD is slightly placed in the bearish zone.

4-hours RSI – The RSI is currently well below the 50 level.

Major Support Level – $ 224

Major Resistance Level – $ 270

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