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Ethereum Price Weekly Analysis: ETH/USD Remains in Broad Range

Ethereum Price Weekly Analysis: ETH/USD Remains in Broad Range

Key Highlights

  • ETH price is currently trading in a broad range above the $210 support against the US Dollar.
  • There is an ascending channel formed with support at $222 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair may decline in the short term towards the $214 and $210 support levels.

Ethereum price is consolidating versus the US Dollar and Bitcoin. ETH/USD is at a risk of a minor downside correction towards the $214 support level.

Ethereum Price Analysis

This past week, there were mostly range moves above the $210 support in ETH price against the US Dollar. The ETH/USD pair traded higher above the $220 and $224 levels, but it failed to hold gains. During the upside move, there was a break above the $227 level and the 100 simple moving average (4-hours). Moreover, the price traded above the 50% Fib retracement level of the last drop from the $240 high to $213 low.

However, the upside move was protected by the $229-230 zone. Additionally, the 61.8% Fib retracement level of the last drop from the $240 high to $213 low also acted as a resistance. The price is slowly declining and it is currently trading below the $227 level and the 100 SMA. There is also an ascending channel formed with support at $222 on the 4-hours chart of ETH/USD. If there is a downside break below the channel support, the price could decline towards the $220 and $214 support levels.

The above chart indicates that ETH price is clearly struggling to gain momentum above $229-230. If it continues to fail, there could be a bearish reaction below $214 in the near term. Until then, the price is likely to trade in a range above the $214 support level in the coming sessions.

4-hours MACD – The MACD is slightly placed in the bullish zone.

4-hours RSI – The RSI is currently near the 50 level.

Major Support Level – $220

Major Resistance Level – $230

Source

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