Ethereum Price Weekly Analysis – ETH/USD Bearish Below $870

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Key Highlights

  • ETH price declined recently and moved below the $860 support level against the US Dollar.
  • There is an expanding triangle forming with resistance at $870 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair may continue to decline as long as it is below the $870 resistance level.

Ethereum price is struggling to move higher against the US Dollar and Bitcoin. ETH/USD could extend the current decline and it could even break $800.

Ethereum Price Decline

There was a major downside move in ETH price from well above $1,000 against the US Dollar. The price declined and moved below the $950 and $900 levels. It traded below the 23.6% Fib retracement level of the last wave from the $553 low to $970 high. Moreover, there was also a break below the $860 support and the 100 simple moving average (4-hours). It tested the $770 support level and is currently correcting higher.

There was a test of the 50% Fib retracement level of the last wave from the $553 low to $970 high. However, the price is struggling to recover above the $870 level and the 100 SMA. There is also an expanding triangle forming with resistance at $870 on the 4-hours chart of ETH/USD. The pair may continue to decline in the short term as long as it is below the $870 level. On the downside, once there is a break below the $760 support, there can be more declines in the near term.

Ethereum Price Weekly Analysis ETH USD

It looks like the price may consolidate in the short term around the $800 level before making the next move. The risk is towards the downside unless the pair succeeds in breaking the $870 resistance. A break above $870 could push the price above the $920 level.

4-hours MACD – The MACD is slowly reducing its bearish slope.

4-hours RSI – The RSI is moving higher towards the 50 level.

Major Support Level – $760

Major Resistance Level – $870

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.



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