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Ethereum Price Weekly Analysis – ETH/USD To Surge Higher?

Key Highlights

  • ETH price is trading in a range below the $715 resistance area against the US Dollar.
  • There is a major contracting triangle forming with current support at $665 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might soon make the next move and either break $715 or trade below $665.

Ethereum price is consolidating in a range against the US Dollar and Bitcoin. ETH/USD may soon attempt the next upside break above $715.

Ethereum Price Resistance

After a nasty decline below the $500 level, ETH price started an upside recovery against the US Dollar. The price formed a base above $475 and started correcting higher. It traded above the 50% Fib retracement level of the last major drop from the $865 high to $475 low. It traded with a positive bias and even managed to settle above the $600 level.

However, there was no proper daily close above the $700 level. The price also struggled to move above the 100 simple moving average and $740 on the 4-hours chart. On the positive side, the pair almost tested the 76.4% Fib retracement level of the last major drop from the $865 high to $475 low. Therefore, there are chances of ETH resuming its upside wave sooner or later above the $740 level. At the moment, it seems like there is a major contracting triangle forming with current support at $665 on the 4-hours chart of ETH/USD.

 

The pair might make the next move either above the $715 level or below the $665 support. A proper 4-hour close above $715 and 100 SMA could ignite a sharp upside move in ETH/USD. On the flip side, a break below the $665 support may call for declines toward $600 and $560.

4-hours MACD – The MACD is moving to and fro in the bullish zone.

4-hours RSI – The RSI is currently just below the 50 level with minor bearish signs.

Major Support Level – $665

Major Resistance Level – $715

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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