Ethereum Price Weekly Analysis: Can ETH Bulls Keep Uptrend Going?

[Quiks]

ETH price rallied in the past few days and broke the $139 and $144 resistances against the US Dollar.
The price is currently correcting lower, but it could find a strong support near the $139 zone.
There is a major ascending channel in place with support at $140 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair remains in an uptrend as long as there is no daily close below the $139 support zone.
Ethereum price is placed in a solid uptrend versus the US Dollar and Bitcoin. ETH/USD could test the $139 support area before it starts a fresh bullish wave above $144.

Ethereum Price Analysis

This past week, ETH price formed a solid support base near the $137 level against the US Dollar. The ETH/USD pair started a solid upside move and traded above the $139 and $142 resistance levels. There was a successful close above the $139 level and the 100 simple moving average (4-hours). It cleared the path for more gains and the price traded above the $144 resistance area. It traded close to the $146 resistance level and later started a substantial downside correction.

The price traded below the $142 level and the 50% Fib retracement level of the last wave from the $137 low to $145 swing high. However, the price found a strong buying interest above the key $139 support area. Moreover, there is a major ascending channel in place with support at $140 on the 4-hours chart of ETH/USD. The 61.8% Fib retracement level of the last wave from the $137 low to $145 swing high also acted as a support. The price recovered, but the $142 area is acting as a hurdle.

It seems like there could be another dip in ETH price below the $140 level. However, the $139 support zone is likely to act as a crucial buy zone. As long as there is no daily close below the $139 level, the price is likely to bounce back in the near term.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is clearly placed in an uptrend, but bulls need to prevent the $139 support area. On the upside, a break above the $142 and $144 levels is needed for more gains. The next key resistance is near $146, above which the price is likely to test the $150 resistance level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone, with a few negative signs.

4 hours RSI – The RSI for ETH/USD is currently correcting lower from the 75 level and it could test 55.

Major Support Level – $139

Major Resistance Level – $144

[IyemRoker]

There is only one question that is strong enough for the topic above:

Is the chart sure to get 100% positive?
I think there are only 2 possibilities:

1. Pump Prices
2. Price of Dump

Both of them can't be guessed.

[Quiks]

I think it was all the same bottom and we broke the bearish trend. Manipulations were undoubtedly, but without them nowhere.

[Thegals]

Hopefully this week the price of Ethereum remains in a trending condition rises and strives to reach the price of $ 200. So that later can be the beginning of a higher price increase if it can get through the price.

[kent47400]

Every Sunday like that and that is the price of Ethereum.
I am sure if the price that is needed every day it will quickly make the price go up for Ethereum.

[superman22]

Ethereum is trusted after bitcoin so it goes up and down as per market situation.

[jonathancool220]

I am interested in making a graph like that, what application to make it?

I'm sure Ethereum has a period, like the growth of trees that need time to grow tall.

[masudginanjar]

Manipulations were undoubtedly,

What do you mention is manipulation?
I don't understand what you have mentioned.

Is it possible that you meant the manipulation of the Whales?

[Prime]

Manipulations were undoubtedly,

What do you mention is manipulation?
I don't understand what you have mentioned.

Is it possible that you meant the manipulation of the Whales?

I guess he wants to say that price is manipulated by whales. Yeah, since the issue of whales that control the prices on market, the crypto prices just pump and dump during weeks. I don't know what is the solution.

[bubblebubble]

Differently I think that Ethereum is suffering competition of other similar projects that aims to improve scalability like IOTEX.

[jet]

The current price movement is not that good in the previous days. Unlike bitcoin that clearly moves upward, ethereum on the other hand is having difficulty to sustain the movement upward. Price always moves downward. I though when it reaches to $180 it will directly goes to $200 support level, but it seems it collapse again and withdraw back to $160.

[Quiks]

ETH price extended losses and traded to a new weekly low near the $160 level against the US Dollar.
The price is currently trading below the key resistance levels near $167 and $169.
There is a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD (data feed via Kraken).
The pair might decline one last time towards $160 or $158 before a fresh upward move in the near term.
Ethereum price seems to be struggling below key pivot levels versus the US Dollar and bitcoin. ETH could retest the $160 support area before the bulls take a stand.

Ethereum Price Analysis

Recently, we saw the start of a major downside correction in Ethereum price from the $177 resistance against the US Dollar. The ETH/USD pair declined below the $170 support level and the 100 hourly simple moving average. The price tested the $166 support level and later corrected a few points. However, the price faced a strong resistance near the $170 resistance. There was a failure near the 50% Fib retracement level of the drop from the $177 high to $166 low.

As a result, the price resumed its decline and it even broke the last swing low near $166. The decline was such that the price surpassed the $162 support and tested the $160 support area. A swing low was formed above $160 and the price recently corrected higher. It broke the 50% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. The bulls were able to push the price above the $165 level as well. However, the $166-167 zone acted as a strong resistance.

Ethereum failed to clear the 618% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. There is also a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD. Therefore, the price could decline one more time towards the $160 support area. On the upside, the $167 and $169 levels are major resistances. A close above $169 and the 100 hourly SMA is must for a fresh increase in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is currently trading in a bearish zone below $167 and $169. It seems like there could be another dip towards $160 or $158. Once the current correction wave is complete, the price is likely to bounce back above $170.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ETH/USD failed to stay above 50 and it is currently moving towards the 40 level.
Major Support Level – $160 
Major Resistance Level – $169 

[cybersoft]

Well, this week is not a good one for ethereum and many other cryptos as the entire market was affected by BitFinex vs. Tether drama. now, the ethereum is selling at only $157 and maybe the market will take a week or so to start recovering.

[HanZo04]

What is certain is that there are currently no major explosions in the market and are still consistent with small increases and decreases. Hopefully there will be an increase later but we also can't confirm it.