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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH Break Looming

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

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Key Highlights

  • Ethereum price continued to stay in the bullish zone vs the US Dollar, and may be setting up for the next break.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD acted as a support and held the downside move as forecasted.
  • There is now a minor bearish trend line formed on the same chart, which might provide us the next break in ETH/USD.

Ethereum price after a minor dip vs the US dollar moved higher. ETH looks like poised for yet another run towards the $14.50 level.

Ethereum Price – Trend Line Break

Ethereum price ETH managed to find bids intraday and moved a few points’ higher vs the US Dollar. Yesterday, I highlighted a bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD, and was expecting it to act as a support area. The trend line did act as a barrier for the sellers and prevented a downside move. The price is now moving higher, and may be approaching a break in the near term.

Currently, there is another trend line formed on the same chart on the upside, which is acting as a resistance for more gains. If the ETH bulls manage to break it, then a move towards the last swing high of $14.40 is possible. The price may even test the $14.50 level if sellers fail to protect the upside move.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

I would suggest to wait for a break if you are looking to trade ETH/USD, and then plan for a trade. The price is above the 100 hourly simple moving average, which is a positive sign and may lift the market sentiment in the short term.

Hourly MACD – The MACD is almost flat, and pointing towards a break moving ahead.

Hourly RSI – The RSI just moved above the 50 level, calling for more gains in ETH.

Intraday Support Level – $13.50

Intraday Resistance Level – $14.10

 

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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