Analysis of the Ethereum course for the week


Throughout the week, the Ethereum rate fell, reaching a low of $ 740. On the four-hour chart, you can see a breakthrough in support for the uptrend line at $ 1,115 with the ETH / USD pair. Now the rate is recovering, but at $ 1,020 he will have to face resistance. Now the pair is trading below $ 900.

Ethereum Price Weekly Analysis ETH USD

A minimum was reached at $ 740, after which the process of recovery began. The rate grew by almost 50% after falling from $ 1,150 to $ 740. The downward trend line, also marked on the chart, indicates a resistance level at $ 1 025.

At the moment, the level of Fibonacci retracement in 61.8% of the last major decline (from $ 1,150 to $ 740) acts as a resistance.

MACD (the convergence / divergence of moving averages) relieves pressure from the bears, and the relative strength index struggles to rise above 50. The main support level is at $ 880, and the main resistance level is $ 1,020. It will not be easy to overcome it, and only after that it is possible will talk about further recovery.

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