Ethereum Price Weekly Forecast: ETH Trading Near Crucial Juncture
- ETH price is under pressure and it recently declined below the $ 180 support against the US Dollar.
- The price is currently struggling to hold an important support area near the $ 168 level.
- There is a crucial bearish trend line forming with resistance near $ 174 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could either decline further below $ 168 or it might start a decent recovery towards $ 180.
Ethereum price is showing a lot of bearish signs against the US Dollar, similar to bitcoin. ETH must stay above $ 168 or $ 160 to start a recovery in the near term.
Ethereum Price Weekly Analysis
In the past few days, Ethereum faced an increase in selling pressure below $ 185 against the US Dollar. As a result, there was a downside break below the $ 180 support area. Moreover, there was a close below the $ 180 level and the 100 simple moving average (4-hours). It opened the doors for more losses and the price traded below the $ 175 level. Finally, the price traded below $ 170 and tested the key $ 168 support area.
A swing low was formed near $ 168 and the price is currently consolidating. An immediate resistance is near the $ 172 level or the 23.6% Fib retracement level of the recent decline from the $ 188 high to $ 168 low. Moreover, there is a crucial bearish trend line forming with resistance near $ 174 on the 4-hours chart of ETH/USD. If there is an upside break above the trend line, the price could recover towards the $ 178 resistance.
More importantly, the 50% Fib retracement level of the recent decline from the $ 188 high to $ 168 low is near the $ 178 level and the 100 SMA to act as a strong resistance. The main hurdle is near the $ 180 level. Therefore, a successful close above $ 180 and the 100 SMA is needed for Ethereum price to start a strong recovery. In the mentioned case, the price could recover towards the $ 185 and $ 188 resistance levels.
On the downside, the main support is near the $ 168 zone. If there is a bearish break below $ 168, the price could extend its decline. The next support is near the $ 160 area, below which the price may perhaps test the $ 152 support.
The above chart indicates that Ethereum price is clearly trading near a crucial juncture above the $ 168 support. It could either decline further below $ 168 or it might start a decent recovery towards $ 180.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is struggling to move back into the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well below the 40 level, with mostly bearish signs.
Major Support Level – $ 168
Major Resistance Level – $ 180
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