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Ethereum Price Technical Analysis – Trend Line Proved Worth 2016-06-24

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:27 pm
2 mins read
Ethereum Price Technical Analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ethereum price after moving down against the US Dollar found support and traded higher.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD acted as a perfect support area.
  • The price also got bids near the 100 hourly simple moving average and currently trading above the $13.50 level.

Ethereum price once again started to move higher, as the trend line support acted as a barrier for the ETH sellers and prevented the downside move.

Ethereum Price Buy

Ethereum price ETH after correcting lower against the US Dollar found buyers one more time, and started to move higher. There was a nice reaction around yesterday’s highlighted bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD, which acted as a perfect barrier for losses.

Moreover, the 61.8% Fib retracement level of the last leg from the $10.37 low to $16.08 high also acted as a support area along with the 100 hourly simple moving average, and pushed the price higher. Currently, the price is trading near an intermediate resistance area of $13.90-$14.00, which is preventing further gains in the short term.

Ethereum Price Technical Analysis

I think the price may dip one more time to retest the trend line and support area of the 100 hourly SMA. In that situation, we can consider a short-term buy trade. However, the stop should be placed below the 100 hourly SMA, as a break below it may call for more losses in the near term. On the downside, the $13.00 level can be considered as a support area for ETH vs USD.

Hourly MACD – The MACD is in the bullish area, but not showing enough signs of more gains from the current levels.

Hourly RSI – The RSI is above the 50 level, which is a positive sign for the bulls.

Major Support Level – $13.00

Major Resistance Level – $14.00

 

Charts courtesy of Kraken via Trading View

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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