Ethereum Price Weekly Forecast: ETH Could Rise While BTC Struggles
- ETH price failed to climb above the $240 resistance and declined against the US Dollar.
- The price declined below the key $220 support level, which may now act as a resistance.
- There is a major bearish trend line forming with resistance near $214 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could either climb back towards the $220 resistance or it might slide back to $200.
Ethereum price is currently attempting an upside break against the US Dollar, and recovering vs . ETH price might rise in the near term even if BTC continues to slide.
Ethereum Price Weekly Analysis
This past week, and Ethereum made attempts to climb above $12,000 and $240 respectively against the US Dollar. However, both failed to gain momentum and the ETH/USD pair started a major decline. The pair clearly failed to gain traction above $235 and declined below the $230 support. Moreover, there was a break below a crucial support area near the $220 level and the 100 simple moving average (4-hours).