Ethereum (ETH) Price Weekly Forecast: Larger Rally To $340 In Play
- ETH price started a strong upward move and broke the key $300 barrier against the US Dollar.
- Bitcoin price gained momentum above $10,000 and $11,000 levels and is currently consolidating.
- There is a major ascending channel in place with support near $305 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to break the $320 resistance and it could even test the $340 resistance area.
Ethereum price is rallying above key resistances such as $300 against the US Dollar, similar to bitcoin. ETH could continue to move higher towards the next key hurdles near $340 and $350.
Ethereum Price Weekly Analysis
This past week, Ethereum price started a major upward move above the $280 resistance against the US Dollar. The ETH/USD pair broke the main $288 and $290 resistance levels to follow bitcoin’s super rise. It even broke the $300 barrier and settled well above the 100 simple moving average (4-hours). The bulls are currently in action and the price traded to a new 2019 high at $316.
It is currently showing a lot of positive signs above $305 and $300. An initial support is near the 23.6% Fib retracement level of the recent rally from the $283 low to $316 swing high. Moreover, there is a major ascending channel in place with support near $305 on the 4-hours chart of ETH/USD. Below the channel support, the next important support is near the $300 level.
The 50% Fib retracement level of the recent rally from the $283 low to $316 swing high is also near the $300 support. Therefore, if the price corrects lower, it is likely to find a strong support near $305 and $300. The main pivot level is near the $290 level. It coincides with the 76.4% Fib retracement level of the recent rally from the $283 low to $316 swing high.
On the upside, an initial resistance is near the $318 and $320 levels. If there is an upside break above the $325 level, the price will most likely surge towards the $340 and $350 levels.
The above chart indicates that Ethereum price started a major uptrend above $300. An upside break above the recent high will most likely set the pace for more gains towards $325 and $340. On the downside, the main supports are near $305 and $300. Besides, as long as the price s above $290, it remains in an uptrend.
4 hours MACD – The MACD for ETH/USD is slowly reducing its bullish slope.
4 hours RSI – The RSI for ETH/USD is currently well above the 70 level, with no sign of a downside correction.
Major Support Level – $300
Major Resistance Level – $325