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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ethereum Price Weekly Analysis – Can Uptrend In ETH Continue?

Aayush Jindal
Aayush Jindal
Last Updated: May 29, 2016 11:47 am
2 mins read
Ethereum Price

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Key Highlights

  • Ethereum price moved higher recently against the US Dollar and traded above the $12.00 resistance area
  • If we look at the daily chart of the ETH/USD, then there was a break above a bearish trend line (data feed via Kraken) of ETH/USD.
  • The best part is the fact that the price is above the 100-day simple moving average, which is a positive sign for the long term traders.

Ethereum price is showing a lot of bullish signs versus the US dollar on the daily chart, but there is a warning as well. Read in detail to know more.

Ethereum Price – Double Top or Upside Move?

Ethereum price ETH after trading as low as $7.00 on the daily chart started to move higher vs the US dollar. There was a move above a bearish trend line formed on the daily chart (data feed via Kraken) of ETH/USD, which encouraged the bulls to take the price higher. However, the price traded as high as $14.75 where it found sellers and currently moving down.

Now, here is a concern for the BTC bulls. The recent failure around the $14.75 level is just around the last swing high of $15.00. So, there is a chance of the price creating a double top pattern. If the highlighted pattern if true, then there may be a sharp downside move in ETH. Now, if we look at the positive signs, then the daily RSI is positioned well above the 50 level, and the price is also above the 100-day simple moving average.

Ethereum Price Weekly Analysis

Moreover, the broken trend line may also act as a support area in the short term. So, we can keep a close eye on it in the medium term.

Daily MACD – The daily MACD is in the bearish slope, suggesting more losses.

Daily RSI – The RSI is above the 50 level, which can encourage the ETH bulls moving ahead.

Weekly Support Level – $10.00

Weekly Resistance Level – $13.00

 

Charts courtesy of Kraken via Trading View

Header 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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