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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – Resistance Turned Support

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

Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • Ethereum price finally managed to gain traction and traded higher vs the US dollar.
  • ETH/USD broke a consolidation pattern and traded above a major resistance area of $14.00.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD was also broken to open the gates for more upsides.

Ethereum price managed to break a crucial resistance area against the USD, which may now act as a support in the short term.

Ethereum Price Buy

Ethereum price ETH showed a few bullish signs during the past few hours and managed to pop higher not only against the US dollar, but also against other currencies. The most important point is the fact that the price moved above a major resistance area of $14.00, which acted as a hurdle for the ETH bulls on many occasions and may act as a support now if ETH/USD moves down from the current levels.

I highlighted and followed a bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD, which was also cleared during the upside move. Moreover, the 100 hourly simple moving average was also breached by the ETH bulls during the rise. So, the price settled above a crucial resistance area, which can now be considered as a buy zone.

Ethereum Price Technical Analysis

If you are looking to enter a buy trade, then consider it as long as the price is above the 100 hourly SMA. On the upside, the greatest challenge for ETH/USD remains around the $15.00 level, which acted as a barrier on many times, and it would be interesting to see how the price reacts this time.

Hourly MACD – The MACD is in the bullish zone, but may tilt in the bearish zone to ignite a minor correction.

Hourly RSI – The RSI is around the overbought levels, calling for a small downside move in the form of a correction.

Intraday Support Level – $14.20

Intraday Resistance Level – $14.80

 

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

Ad discliamer

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

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