Thursday, November 14, 2019

Ethereum Price Weekly Forecast: ETH Holding Uptrend Support

  • ETH price declined recently below the $188 and $186 support levels against the US Dollar.
  • The price is still trading above the key $180 and $178 support levels.
  • There is a crucial bullish trend line forming with support near $180 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase as long as there is no daily close below the $178 support.

Ethereum price is currently holding a significant support against the US Dollar, while bitcoin is declining. ETH price is likely to rise towards $188 and $190.

Ethereum Price Weekly Analysis

This past week, Ethereum started a slow and steady decline from well above $190 against the US Dollar. More importantly, ETH traded below the key $188 support to move into a short term bearish zone.

Moreover, there was a break below the key $186 support area. Finally, the price spiked below the $182 support and the 100 simple moving average (4-hours). However, the bears failed to gain strength below $180.

As a result, Ethereum recovered above $182 and 100 simple moving average (4-hours). Besides, it traded above the 23.6% Fib retracement level of the downward move from the $194 swing high to $180 low.

The price even climbed above a connecting bearish trend line with resistance near $184 on the 4-hours chart of ETH/USD. At the moment, the price is consolidating above the $182 level and the 100 SMA.

An immediate resistance is near the $188 area (the previous support). Additionally, the 50% Fib retracement level of the downward move from the $194 swing high to $180 low is also near the $188 level.

Therefore, an upside break above the $188 resistance could push the price further higher. The next key resistance is near the $194 area. Any further upsides may perhaps set the pace for a break above the $200 barrier.

On the downside, there are many key supports near the $180 and $178 levels. Furthermore, there is a crucial bullish trend line forming with support near $180 on the same chart. Only a daily close below the $178 support could start another downward move towards the $160 level.

Ethereum Price

The above chart indicates that Ethereum price is clearly holding a couple of important uptrend supports near the $178 level. Thus, there are chances of a fresh increase above the $185 and $188 levels unless there is a clear break below $178.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is about to move into the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently below the 50 level, with a few bullish signs.

Major Support Level – $178

Major Resistance Level – $188

The post Ethereum Price Weekly Forecast: ETH Holding Uptrend Support appeared first on NewsBTC.

Analysis: Ethereum Price Weekly Forecast: ETH Holding Uptrend Support published by NewsBTC

- Advertisement -
- Advertisement -

Latest News

Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K

Bitcoin price is trading with a bearish angle below the $8,880 resistance against the US Dollar. The price is likely...

Crypto Market & Bitcoin Remains At Risk: LTC, BNB, BCH, TRX Analysis

The total crypto market cap is likely forming a bearish pattern below the $240.0B resistance. Bitcoin price is currently consolidating below the $8,880 and $9,000...

Ripple (XRP) Price Trading Near Make-or-Break Levels

Ripple price is facing a strong resistance near the $0.2740 and $0.2760 levels against the US dollar. The price is likely to continue lower unless...

Ethereum (ETH) Could Break Higher After Long Consolidation

Ethereum price seems to be consolidating for quite some time above $180 against the US Dollar. The price could start a strong upward move above...

Global Medical Imaging Market 2019-2023- Evolving Opportunities with Canon Inc. and Carestream Health Inc. | Technavio

LONDON--(BUSINESS WIRE)--#healthcare--The global medical imaging market size will grow by USD 9.55 billion during 2019-2023. This market report provides a detailed analysis of the...