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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Price Technical Analysis – Buy Target Hit, Now What?

Aayush Jindal
Aayush Jindal
8 years ago
2 mins read
Ethereum price

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Key Highlights

  • Ethereum price continued to move higher vs the US Dollar and reached my final target of $10.40.
  • There is now a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a support if the price moves down.
  • The price has already started correcting lower, and it would be interesting to see how far it can go.

Ethereum price traded further higher yesterday, and reached my final target of $10.40. Now can it correct and trade higher once again?

Ethereum Price Trend Line Support

Ethereum price ETH after settling above the $10.00 resistance area surged higher and even managed to climb towards the last swing high of $10.40, which was my final target of longs. The price traded as high as $10.54 vs the US Dollar, and then started to correct lower. There are many support levels formed on the downside, which may act as a hurdle for the ETH sellers.

First, there is a very important bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is also coinciding with the 100 hourly simple moving average. So, we can say that there is a monster support formed on the downside at $9.70-80, which can also be considered as a buy area. An initial support on the downside is around the 38.2% Fib retracement level of the last leg from the $8.98 low to the $10.54 high.

Ethereum Price Technical Analysis

However, as mentioned the most important support is around the highlighted trend line since is also positioned with the 50% Fib retracement level of the last leg from the $8.98 low to the $10.54 high.

Hourly MACD – The MACD is in the bearish slope, signaling chances of a correction in the short term.

Hourly RSI – The RSI is still above the 50 level, which is a sign that ETH bulls are in control.

Intraday Support Level – $9.80

Intraday Resistance Level – $10.50

 

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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