Ethereum Price Weekly Forecast: ETH Approaching Next Crucial Break

Ethereum Price Weekly Forecast: ETH Approaching Next Crucial Break

  • ETH price started trading in a range after it failed to surpass the $185 resistance against the US Dollar.
  • The price is currently trading below the key $180 and $185 resistance levels.
  • There is a key contracting triangle forming with resistance near $180 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to make the next crucial move either above $180 or towards the $160 support.

Ethereum price is setting up for the next crucial break against the US Dollar and bitcoin. ETH may soon start a solid increase if it breaks the $180 and $185 resistances.

Ethereum Price Weekly Analysis

This past week, ETH tested the key $185 resistance area against the US Dollar. Earlier, the price formed a support base near the $160 level and started an upside correction. It broke the $165 and $170 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the last major decline from the $225 high to $152 swing low.

However, the price struggled to break the $185 resistance area. Additionally, the 100 simple moving average (4-hours) acted as a strong resistance near $185. There was also no test the 50% Fib retracement level of the last major decline from the $225 high to $152 swing low. Recently, the price declined below the $180 level and it is currently trading in a crucial range.

It seems like there is a key contracting triangle forming with resistance near $180 on the 4-hours chart of ETH/USD. On the upside, there are major hurdles near the $180 and $185 levels. Therefore, a successful break above the $185 resistance area and the 100 SMA could open the doors for a larger upward move. The next key resistance for Ethereum is near the $198 and $200 levels.

Moreover, the 61.8% Fib retracement level of the last major decline from the $225 high to $152 swing low might prevent gains near $197. Conversely, the price could break the $170 support level to continue lower. The next key support area is near the $160 level. If there are more downsides, the price could revisit the $152 swing low.

The above chart indicates that Ethereum price is clearly setting up for the next crucial break either above $185 or below $170. As long as the price is trading below the $185 resistance and the 100 SMA, there are chances of a downside break in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

4 hours RSI – The RSI for ETH/USD is still well below the 50 level, with a flat structure.

Major Support Level – $170

Major Resistance Level – $185

The post Ethereum Price Weekly Forecast: ETH Approaching Next Crucial Break appeared first on NewsBTC.

779
Like
Save