Ethereum Price Weekly Analysis – ETH/USD Uptrend Remains Intact

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Key Highlights

  • ETH price fell sharply yesterday and moved down from $203 to $100 against the US Dollar.
  • During the downside move, the ETH/USD pair broke a major bullish trend line with support at $164 on the 4-hours chart (data feed via SimpleFX).
  • The pair recovered sharply after testing the $100 handle, which is an important support.

Ethereum price corrected in a scary fashion against the US Dollar and Bitcoin, but now ETH/USD is back trading with a bullish bias above $140.

Ethereum Price Decline and Recovery

This past week was amazing, as ETH price climbed above the $200 level and traded as high as $203.45 against the US Dollar. Thereafter, it faced sellers and started a downside move below $200. The price fell sharply once a decline was initiated with a break below $190. The price cleared the 50% Fibonacci retracement level of the last wave from the $80.35 low to $203.45 high.

It opened the doors for more declines, and pushed the price below $150. Also, the ETH/USD pair broke a major bullish trend line with support at $164 on the 4-hours chart. The downside move finally found support around $100 where buyers appeared. The best part was no close below

Read more ... source: NewsBTC USA

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