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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – Perfect Trend Line Support Bounce

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum price

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ethereum price spiked higher vs the US Dollar intraday and appreciated by more than 10%.
  • Yesterday’s bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD played well, as the price bounced perfectly after testing it.
  • There is a chance of a minor correction from the current levels, which can be seen as a buying opportunity.

Ethereum price traded above the $11.00 handle vs the USD, and it looks like there are more upsides left in ETH/USD in the near term.

Ethereum Price – Buying Dips?

Ethereum price ETH as mentioned bounced during the past couple of sessions vs the US Dollar and traded above the $11.00 level. There was a lot of buying interest noted for ETH, which may continue in the near term. Yesterday, I highlighted a bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD. It played well and helped the bulls to gain bids.

As soon as the price settled above the 100 hourly simple moving average, there was a sharp upside move. Moving ahead, there are many signs on the hourly MACD and RSI of a correction in the short term. So, the price may move down a few points before it can continue trading higher. On the downside, an immediate support lies at 23.6% Fib retracement level of the last wave from the $10.00 low to $11.40 high.

Ethereum Price Technical Analysis

However, if the correction is extended, then a move towards the 50% Fib retracement level of the last wave from the $10.00 low to $11.40 high is also possible, which can act as a major support area for ETH/USD.

Hourly MACD – The MACD is in the about to change the slope to bearish, calling for a correction.

Hourly RSI – The RSI is around the overbought levels, which means there is a chance of it moving down.

Intraday Support Level – $11.00

Intraday Resistance Level – $11.40

 

Charts courtesy of Kraken via Trading View

Image: NewsBTC

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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