Ether Price Analysis – Ethereum Weekly Forecast: ETH/USD Breakout Looming

Ether Technical Analysis

Ether is approaching a major break against the US Dollar while slowly recovering versus bitcoin. ETH/USD has to settle above $296.00 and $300.00 to gain upside momentum.

Technically, the daily chart indicators are neutral above their midlines in the bullish territory.

Ether Price Remains Supported

The ETH/USD pair was mostly bullish this past week before it faced a strong resistance near $311.00 and later started trading in a range. On the other hand, the ETH/BTC pair declined heavily and even traded below 0.050BTC before recovering 5-6 percent.

Ethereum Price ETH/USD Weekly Forecast

Looking at the daily chart of ETH/USD, there was a solid recovery from the $200.91 low. The pair traded above the 50 percent Fibonacci retracement level of the last crucial decline from the $395.41 high to $200.91 low.

However, the upside move was protected by the $350.00 resistance area and the 76.4 percent Fibonacci retracement level of the last crucial decline from the $395.41 high to $200.91 low. The pair started correcting lower and moved toward the $300.00 level.

Buyers failed to hold the $300.00 handle and the pair declined close to the 50 percent Fibonacci retracement level of the last upside wave from the $200.91 low to $352.69 high. Buyers appeared near $275.00 and prevented further declines.

Later, Ether started trading in a range above the $280.00 level with resistance near $310.00-311.00. To the topside, there is a bearish trendline forming with resistance at $330.00 on the same chart. On the downside, the $275.00 and $250.00 levels are decent supports for the medium term trend.

Ether Price Weekly Analysis Chart

Moving on to the 2-hour chart of ETH/USD, there is a major contracting triangle forming with resistance near $296.00 and support at $292.00. Buyers need to gather momentum above $296.00 and $300.00 to challenge $311.00 once again. Above $311.00, the gates would open for a ride toward $330.00.

On the other hand, a break of the $292.00 support could ignite short-term losses toward $280.00 and $275.00. The overall medium-term bias is bullish as long as ETH/USD is above $275.00.

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