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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis 03/01/2016 – Waiting Next Move

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • Ethereum price continued to consolidate in a tiny range, and waiting for a catalyst for a break in the short term.
  • As highlighted yesterday, a contracting triangle pattern formed on the hourly chart (data feed via Kraken) is still in play and may act as a catalyst for the next move.
  • The price is above the 100 hourly simple moving average, which is a positive sign for the bulls.

Ethereum price is consolidating inside a contracting triangle. A break either higher or lower may ignite a solid move in the near term.

Ethereum Price – Buy or Sell?

Ethereum price after gains started a consolidation pattern, and it looks like it may continue to trade in a range for some time moving ahead. There is a contracting triangle pattern is formed on the hourly chart (data feed via Kraken), as highlighted in yesterday’s post. It may act as a catalyst for the next move if all goes well within the upcoming days.

If we go by the number of attempts, then the number of tests of the triangle support are more compared with the triangle resistance. One positive point to note for the bulls is the fact that the price is currently above the 100 hourly simple moving average (data feed via Kraken). On the downside, the 61.8% Fib retracement level of the last wave from the $5.99 low to $6.49 high may also act as a minor support. A break below it may call for a test of the triangle support area.

Ethereum Price Technical Analysis

If the bearish pressure increases, and the price closes below the 100 MA and the 88.6% Fib retracement level of the last wave from the $5.99 low to $6.49 high, then a break down is possible.

Hourly MACD – The MACD may change the slope to the bullish area, calling for a few positives.

Hourly RSI – The RSI is just below the 50 level, and the bulls need to break above it for more gains.

Intraday Support Level – $6.10

Intraday Resistance Level – $6.50-60

 

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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Created by industry experts and meticulously reviewed
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