Ethereum Price Weekly Analysis – ETH/USD Gaining Momentum
- ETH price is trading higher and it recently moved above the $1010 resistance against the US Dollar.
- There was a break above a significant bearish trend line with resistance at $1006 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair is gaining momentum and it could move above the $1160 level in the near term.
Ethereum price is moving higher against the US Dollar and Bitcoin. ETH/USD is moving nicely in the bullish zone towards $1160 and $1200.
Ethereum Price Support
There is a solid bullish wave pattern forming in ETH price above the $900-910 support area against the US Dollar. The price started a nice upside move and traded above the 23.6% Fib retracement level of the last major decline from the $1415 high to $753 low. It opened the doors for more gains and the price was able to move above the $1000 and $1020 resistance levels.
More importantly, there was a break above a significant bearish trend line with resistance at $1006 on the 4-hours chart of ETH/USD. The pair is gaining momentum and is currently trading above the $1070 level. It also broke the 50% Fib retracement level of the last major decline from the $1415 high to $753 low. These are positive signs above $1050 and the price is attempting a close above the 100 simple moving average (4-hours). A successful close above the $1120 level could clear the path for more gains.
The next major resistance is at $1162 and the 61.8% Fib retracement level of the last major decline from the $1415 high to $753 low. On the downside, there is a decent support and a bullish trend line forming at $1050-1060, acting as a buy zone. Overall, the price is back in the bullish zone above $1050.
4-hours MACD – The MACD is gaining momentum in the bullish zone.
4-hours RSI – The RSI is moving higher and is currently well above the 50 level.
Major Support Level – $1050
Major Resistance Level – $1160
Charts courtesy – SimpleFX
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