Ethereum Price Weekly Forecast: ETH Remain Sell Until This Changes

ETH price declined heavily and broke the key $185 and $180 supports against the US Dollar.
The price is currently correcting higher and is trading near the $172 and $175 resistances.
There is a major bearish trend line forming with resistance near $180 on the 4-hours chart of ETH/USD (data feed via Kraken).
There could be a short term upside correction, but upsides are likely to be capped near $180.

Ethereum price is trading in a bearish zone against the US Dollar and bitcoin. ETH might correct higher in the short-term, but the bulls are likely to struggle near $180-$182.

Ethereum Price Weekly Analysis

This past week, there was a strong decline in bitcoin and ETH below $10,000 and $180 respectively against the US Dollar. Ether price even declined below the $175 support and the 100 simple moving average (4-hours). Moreover, there was a break below the $170 support and the price traded close to the $163 level. Recently, the price started an upside correction from the $163 swing low.

It climbed above the $170 level plus the 23.6% Fib retracement level of the recent drop from the $195 high to $163 swing low. However, there are many hurdles on the upside near the $178 and $180 levels. Moreover, there is a major bearish trend line forming with resistance near $180 on the 4-hours chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent drop from the $195 high to $163 swing low.

Above the trend line, the next major resistance is near the $184 level and the 100 SMA. The 61.8% Fib retracement level of the recent drop from the $195 high to $163 swing low is also waiting near the $182 zone to act as a resistance. Therefore, the price must climb above $180, $182 and $184 to move back into a positive zone in the near term.

On the downside, an immediate support is near the $165 level. If the price fails to stay above the $165 support area, there is a risk of more downsides in the near term. In the mentioned bearish case, the price could even decline below the $160 support level.

The above chart indicates that Ethereum price is clearly trading in a bearish zone below the $180 level. If there is an upside correction towards the $180 level, the bears are likely to defend further upsides.

Technical Indicators

4 hours MACD The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

4 hours RSI The RSI for ETH/USD is currently just above the 50 level, with a positive angle.

Major Support Level $165

Major Resistance Level $180

The post Ethereum Price Weekly Forecast: ETH Remain Sell Until This Changes appeared first on NewsBTC.

01.09.2019 / 00:00 48
Bitcoin (BTC) Price Weekly Forecast: $10K Holds Key For Recovery Bitcoin (BTC) Price Weekly Forecast:
There was a major downward move below the $10,000 support in bitcoin price against the US Dollar. The price is currently correcting higher, but
Ethereum (ETH) Price Larger Dip Underway: Bulls Losing Grip Ethereum (ETH) Price Larger Dip
ETH price declined heavily this past week and broke the $166 and $160 supports against the US Dollar. The price even broke the $155 support level and
Ethereum Price Weekly Analysis: ETH Remains Sell Near $100 Ethereum Price Weekly Analysis: ETH
Key Highlights ETH price declined heavily after it failed to break the $125 resistance against the US Dollar. There is a crucial bearish trend line
Ethereum Price Weekly Analysis: ETH/USDs Upsides Capped Near $320 Ethereum Price Weekly Analysis:
Key Highlights ETH price corrected higher recently and traded above $310 and $315 against the US Dollar. There is a key connecting bearish trend line
Bitcoin Cash Price Weekly Analysis  BCH/USD Upsides Remain Capped Bitcoin Cash Price Weekly Analysis
Key Points Bitcoin cash price found support around the $1,275 level after a major decline against the US Dollar. There is a major bearish trend line
Ethereum Price Weekly Analysis  ETH/USD Upsides Remain Capped Ethereum Price Weekly Analysis
Key Highlights ETH price is currently recovering, but upsides remain capped by the $460 level against the US Dollar. There is a major bearish trend
Comments (0)
Add a comment
Comment on