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Ethereum Price Weekly Analysis [January 1st – 5th 2018]

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Ethereum Price Weekly Analysis

Here is the weekly price analysis for the trading pair of ETH/USD for the week of 1st – 5th January, 2018.

Ethereum price is consolidating in a range against the US Dollar and Bitcoin. ETH/USD may soon attempt the next upside break above $715.

Ethereum price chart
Ethereum Forecast

Key Highlights

  • ETH price is trading in a range below the $715 resistance area against the US Dollar.
  • There is a major contracting triangle forming with current support at $665 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might soon make the next move and either break $715 or trade below $665.

Ethereum price is consolidating in a range against the US Dollar and Bitcoin. ETH/USD may soon attempt the next upside break above $715.

Ethereum Price Resistance Level

After a nasty decline below the $500 level, ETH price started an upside recovery against the US Dollar. The price formed a base above $475 and started correcting higher. It traded above the 50% Fib retracement level of the last major drop from the $865 high to $475 low. It traded with a positive bias and even managed to settle above the $600 level.

However, there was no proper daily close above the $700 level. The price also struggled to move above the 100 simple moving average and $740 on the 4-hours chart.

On the positive side, the pair almost tested the 76.4% Fib retracement level of the last major drop from the $865 high to $475 low. Therefore, there are chances of ETH resuming its upside wave sooner or later above the $740 level.

At the moment, it seems like there is a major contracting triangle forming with current support at $665 on the 4-hours chart of ETH/USD.

Ethereum Price Weekly Analysis

The pair might make the next move either above the $715 level or below the $665 support. A proper 4-hour close above $715 and 100 SMA could ignite a sharp upside move in ETH/USD. On the flip side, a break below the $665 support may call for declines toward $600 and $560.

4-hours MACD – The MACD is moving to and fro in the bullish zone.

4-hours RSI – The RSI is currently just below the 50 level with minor bearish signs.

Major Support Level – $665

Major Resistance Level – $715

So far, this is the Ethereum price weekly analysis.