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Ethereum Price Technical Analysis – Buying Dips Worked 2016-06-01

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • Ethereum price traded higher vs the US Dollar, and my call of buying dips worked perfectly.
  • Now, there is a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which can serve as a support area moving ahead.
  • There is a chance of ETH testing $15.00 in the short term if the current momentum stays intact.

Ethereum price spiked higher and broke the $14.00 resistance area vs the US dollar. Can we continue to witness gain in ETH?

Ethereum Price – Trend Line Support

Ethereum price ETH after a minor correction yesterday towards the $12.30 support area vs the US Dollar found buyers, and started to trade higher once again. The upside move was crisp and sharp, which resulted in a break of the $14.00 resistance area. The price is currently trading above the stated level, which is a positive sign for the ETH bulls in the near term.

There is now a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a buying zone if the price moves down from the current levels. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $10.30 low to $14.38 high. However, the most important support area is around the trend line, as the 38.2% Fib retracement level of the same wave is also positioned near it.

Ethereum Price Technical Analysis

On the upside, I think there is a high chance of a move towards the $15.00 level, which represents a monster barrier for the ETH bulls as it acted as a resistance on many occasions.

Hourly MACD – The MACD is in the bearish zone, which means there is a chance of a minor correction.

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

Intraday Support Level – $13.40

Intraday Resistance Level – $14.40

 

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
How Our News is Made

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

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