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cryptocurrency November 19, 2017

Key Highlights

  • ETH price made a nice upside move and traded above the $328 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $337 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair remains in an uptrend and it will most likely trade above the recent high of $347.

Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD broke a key resistance for further gains above $347.

Ethereum Price Support

This past week was mostly bullish for ETH price as it moved above the $320 resistance level against the US Dollar. The upside move was steady and the price was also able to break an important resistance at $328. The mentioned break has opened the doors for more gains above the $345 level in the near term. The price traded as high as $347.63 today and looks set for more gains in the near term.

An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $319.93 low to $347.63 high. However, the most important support is near $337. There is a major bullish trend line forming with support at $337 on the 4-hours chart of ETH/USD. Moreover, the 38.2% Fib retracement level of the last wave from the $319.93 low to $347.63 high is also close to the trend line support. Therefore, any correction from the current levels might find bids near $337-335.

Ethereum Price Weekly Analysis ETH USD

On the upside, the price will most likely break the recent high of $347.63. Above this last, the pair is likely to move above $350 for further gains. In the short term, dips toward $337 and $328 can be seen as a buying opportunity as long as the price is above $320.

4-hours MACD – The MACD is mostly in the bullish zone.

4-hours RSI – The RSI is currently approaching the 70 level.

Major Support Level – $337

Major Resistance Level – $347

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source: newsBTC

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