Key Highlights ETH price is trading higher and is placed well above the $650 support area against the US Dollar. There is a crucial bullish trend line forming with support near $680 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair might continue to move higher and it might aim the next target as $780 and $800.
Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD is gaining pace and is about to move higher towards $800.
Ethereum Price Trend
There was a nice upside move this past week above the $600 and $700 levels in ETH price against the US Dollar. The price traded as high as $758 before starting a downside correction. It traded lower sharply and tested the $620 support area and did not test the $600 handle. Later, buyers appeared and pushed the price above the 23.6% Fib retracement level of the last decline from the $758.24 high to $611.12 low.
The current price action is very positive and suggest more gains in ETH/USD in the near term above $650. There are decent technical signs forming and the price has already moved above the 50% Fib retracement level of the last decline from the $758.24 high to $611.12 low. There is also a crucial bullish trend line forming with support near $680 on the 4-hours chart of ETH/USD. Therefore, there are many supports on downside near $680 and $650 to act as a buy zone.
As long as the price is above $650, it would continue to move higher. The next upside target could be the recent high near $758. Above the mentioned level, the price might event trade above the $800 handle in the near term.
4-hours MACD – The MACD has slightly reduced the bullish slope, but it is still showing positive signs.
4-hours RSI – The RSI is currently well above the 50 level.
Major Support Level – $650
Major Resistance Level – $758
Charts courtesy – SimpleFX
The post Ethereum Price Weekly Analysis – ETH/USD is Back Bullish appeared first on NEWSBTC.