ETH Weekly Forecast Shows That There Is A Hold Of Uptrend Support

In the Ethereum today’s news and updates, we can see that Ethereum managed to decline below the $188 and $186 support levels against the US dollar recently. The price is still trading above the key $180 and $178 support levels – and there is a crucial bullish trend line forming with support near $180 on the 4-hour chart of the ETH/USD pair. The ETH weekly forecast shows that the pair could start a fresh increase as long as there is no daily close below the $178 support line.

Over the past week, Ethereum’s ETH token started a slow and steady decline from over $190 against the US dollar. More importantly, ETH traded below the key $188 support and moved into a short term bearish zone. There was also a break below the $186 support area and the price spiked below the $182 support and the 100 simple moving average.

The bears were later active in the crypto news and failed to gain strength below $180. As a result, Ethereum recovered above the $182 region and its 100 simple moving average. It traded above the 23.6% Fib retracement level too, from the $194 swing high to a $180 low.

Now, the ETH weekly forecast suggests that the price is consolidating above the $182 level and the 100 SMA. An immediate resistance is near the $188 area too, which acts as the previous support. Therefore, an upside break above $188 could push the price further higher – and the next resistance is set at the $184 area.

Any further upsides may perhaps set the pace for a break above the $200 barrier and a new run for Ethereum (ETH). On the downside, we can see al ot of supports near the $180 and $178 levels. Furthermore, we can analyse the bullish trend line forming with support near $180 on the same chart. As analysts predict, only a daily close below $178 could start another downward move towards the $160 level.

The charts indicate that Ethereum is clearly holding a couple of important uptrend supports near the $178 level. There are also chances of a fresh increase above the $185 and $188 levels – unless there is a clear break below $178.

The technical indicators in the ETH weekly forecast are as following:

• 4 hours MACD – The MACD for ETH/USD is possibly prepared for the bullish zone
• 4 hours RSI – The RSI for ETH/USD is right now still below the 50 level, with a couple of bullish
• Major Support Level – $178
• Major Resistance Level – $188