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    Ethereum Price Weekly Analysis – Can ETH/USD Overcome This?

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    Key Highlights

    • ETH price is trading nicely above the $1000 level and is moving positively against the US Dollar.
    • There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
    • The pair has to settle above $1150 and the 100 simple moving average (4-hours) to gain traction.

    Ethereum price has recovered nicely against the US Dollar and Bitcoin. ETH/USD now has to break the $1150 and $1180 level to gain further momentum.

    Ethereum Price Resistance

    There was a slow and steady recovery initiated from the $750 swing low in ETH price against the US Dollar. The price gained traction and was able to move above the $900 resistance level. There was also a break above the 23.6% Fib retracement level of the last decline from the $1415 high to $753 low. There are many positive signs on the chart above $1000. However, the price is currently facing a major upside barrier near $1150 and $1180.

    There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD. The trend line resistance at $1150 is also near the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the last decline from the $1415 high to $753 low is at $1162. Therefore, there are many resistances on the upside around the $1150-1180 levels. Once there is a break and close above $1180, there can be more gains in the near term.

    The next major resistance would be the 76.4% Fib retracement level of the last decline from the $1415 high to $753 low at $1259. On the downside, an initial support is at $1000. However, the most important support is now forming at $900.

    4-hours MACD – The MACD is about to move back in the bullish zone.

    4-hours RSI – The RSI is currently just above the 50 level.

    Major Support Level – $1000

    Major Resistance Level – $1180

     

    Charts courtesy – SimpleFX

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