Ethereum Price Weekly Analysis: ETH/USD Approaching Crucial Break

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Key Highlights

  • ETH price settled below the $600 support level with negative signs against the US Dollar.
  • There is a crucial contracting triangle forming with current support at $580 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair may well make the next move either above $600 or below $580 in the near term.

Ethereum price is struggling to recover versus the US Dollar and Bitcoin. ETH/USD is now approaching a crucial break, possibly higher if buyers gain control.

Ethereum Price Trend

There were heavy losses in ETH price from the $724 swing high this past week against the US Dollar. The price failed to hold a major support area near $637 and declined sharply. The decline was such that the price broke the $600 and $575 support levels. A low was formed at $543 from where the price started a minor upside correction above $560.

It recovered and moved above the 23.6% Fib retracement level of the last decline from the $724 high to $543 low. However, the upside move was capped by the $610-612 resistance zone. Moreover, the 38.2% Fib retracement level of the last decline from the $724 high to $543 low acted as a strong barrier for buyers and prevented gains. At the moment, it seems like there is a crucial contracting triangle forming with current support at $580 on the 4-hours chart of ETH/USD. The pair seems to be trading in a range above $580 and is preparing for the next move.

Ethereum Price Weekly Analysis ETH USD

The above chart indicates that the price is currently under slight bearish pressure. If it fails to hold the $580 and $575 support levels, there may be sharp declines back towards $540. On the flip side, a break above the $600 level may open the doors for push towards the $637 pivot level.

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

4-hours RSI – The RSI is currently well below the 50 level.

Major Support Level – $575

Major Resistance Level – $600

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