Long-Term Outlook

Ethereum Weekly Chart – Source: Tradingview.com

A look at the Weekly chart for ETH/USD in logarithmic form shows that price has bounced back after finding support in the minor support area near $80.

The price is currently slightly below the minor resistance area at $160 and facing very close resistance from the 50-period MA.

It has not moved above the 50-period MA since March 2018. It is also below the negative Ichimoku cloud.

As for the indicators, the MACD is moving upward after developing bullish divergence but is not positive yet. The RSI is at 38.

The candles for the past three weeks have been bullish.

Medium-Term Outlook

Ethereum 3-Day Chart – Source: Tradingview.com

A look at the 3-day chart shows that price has finally moved past the 21-period MA and is now facing resistance from the 50-period MA and the edge of the Ichimoku cloud.

The 21 and 50-period MAs are very close to making a bullish cross.

Furthermore, the MACD has rejected a bearish cross and is almost positive.

Ethereum Daily Chart – Source: Tradingview.com

A look at the Daily chart shows that price has moved past the 21 and 50-period MA (almost have made a bullish cross) and the positive Ichimoku cloud and is heading for the resistance area near $170.

The MACD is well into positive territory and moving upward with strength.

The RSI is overbought but there is no bearish divergence yet.

Price has slowed down a little after creating two bullish engulfing candles.

Short-Term Outlook and Price Prediction

Chart – Source: Tradingview.com

A look at the 6-hour chart shows that price broke out of the descending channel it was trading in on February 10th.

The breakout occurred with very significant volume.

Now price is possible following an ascending support line (dashed green) which has only been validated once.

The first minor support area is found near $125.

The RSI is in overbought territory but there is no divergence yet.

The MACD is very close to making a bearish cross and has lost all of its power.

Price Prediction:

I believe that after a small retracement to the support line, the price will test the resistance at $160 later this week.

The creation of bearish divergence will be instrumental in telling us if there will be a breakout above it.


  • Price bounced after retracing to the minor support area near $80.
  • Price has moved above the Daily Ichimoku cloud.
  • Price has broken out from the descending channel it was trading in on significant volume.

Latest Ethereum News:

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Follow us on Telegram | Twitter | Facebook

Featured Images are from Shutterstock.

Blokt is a leading independent cryptocurrency news outlet that maintains the highest possible professional and ethical journalistic standards.


Please enter your comment!
Please enter your name here