Ethereum Price Weekly Analysis – ETH/USD Still in Uptrend?


Ethereum price declined sharply after forming highs against the US Dollar and Bitcoin. Is ETH/USD still in uptrend above the $325 level?

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Key Highlights

  • ETH price declined sharply from the $395.56 swing high against the US Dollar.
  • There is a monster bullish trend line with support at $325 on the 4-hours chart of ETH/USD (data feed via SimpleFX) that held the downside.
  • The pair is currently recovering, but remains under pressure below $360 in the near term.

Ethereum price declined sharply after forming highs against the US Dollar and Bitcoin. Is ETH/USD still in uptrend above the $325 level?

Ethereum Price Support

This past week was a good one for ETH price as it moved higher towards the $380 level against the US Dollar. The price even broke $380 to trade as high as $395.56 where it faced sellers. Buyers struggled to take the price above $395.56, and as a result, there was a downside move. The price dipped strongly and traded lower by more than $50. All crytos and Bitcoin price were seen struggling. BTC/USD after making a top started declining and dragged ETH/USD along.

The price even traded below the $350 level. However, the downside move found support near $325. A monster bullish trend line with support at $325 on the 4-hours chart of ETH/USD protected the further losses. The most important point here is the $325 support, which is positioned near the 100 simple moving average (H4). It means the $325 support is very significant.

A recovery started and the price has already moved above the 23.6% Fib retracement level of the last decline from the $395.56 high to $325.47 low. However, the price may find a lot of barriers near $360 and it won’t be easy for buyers to break it. Moreover, the 50% Fib retracement level of the last decline from the $395.56 high to $325.47 low is also near $359. Therefore, the trend line support (now at $330) holds a lot of importance for the current trend.

4-hours MACD – The MACD has moved into the bearish zone.

4-hours RSI – The RSI is now recovering from the oversold levels.

Major Support Level – $330

Major Resistance Level – $360

 

Charts courtesy – SimpleFX

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