Ethereum Price Weekly analysis: ETH / USD grinding to $ 314



Essentials

  • The ETH price is moving well above the level of $ 290 and could further increase towards $ 314 against the US dollar.
  • A crucial bullish trend line has been formed with support for $ 290 on the 4-hour chart of ETH / USD (data feed via Kraken).
  • The pair remains supported and it seems that in the short term it could stay in the direction of $ 304 and $ 314.

Ethereum price is slowly rising higher against the US dollar and Bitcoin. ETH / USD continues to buy-on-dips to levels of $ 290 and $ 282.

Ethereum Price Trend

A decent support base was formed near the $ 270 zone in ETH price versus the US dollar. The ETH / USD pair started an upward movement and traded the resistance levels of $ 280 and $ 290. The benefit was cleared after the price broke the 61.8% fib retracement level from the last fall of the $ 297 high to $ 270 low. The prize gained grip and settled above the $ 290 level plus the 100 simple moving average (4 hours).

It is currently consolidating close to the $ 300 level. On the other hand, a crucial bullish trend line has been formed with support for $ 290 on the 4-hour graph of ETH / USD. Above the trend line support, the 100 SMA is close to the $ 292 level. That is why dips in ETH remain supported near the $ 292 and $ 290 levels. On the plus side, the price may soon test the 1,236 Fib expansion level from the last drop of the $ 297 high to $ 270 low at $ 304.08 level. Above, the next target for buyers could be the $ 314 level, which is the 1,618 Fib expansion level of the last drop.

Ethereum Price Weekly analysis BTC USD

The graph above shows that the ETH price is nicely placed in a positive zone above $ 290. Once it settles above $ 300, more profits can be made in the short term towards the $ 304 and $ 314.

4 hour MACD – The MACD is placed in the bullish zone.

4-hour RSI – The RSI is currently well above the 60 level.

Great support level – $ 290

Major Resistance Level – $ 314


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