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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Technical Analysis – ETH Bulls Watch This

Aayush Jindal
Aayush Jindal
8 years ago
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • Ethereum price stayed elevated against the US Dollar, but I think one should trade carefully moving ahead.
  • There is a monster resistance area formed near $15.00, which acted as a barrier on many occasions.
  • There is likely a Triple top pattern forming on the daily chart (data feed via Kraken) of ETH/USD, which if valid might call for losses.

Ethereum price is trading near a major confluence resistance area of $15.00. Let us see how we can trade ETH/USD in the current situation.

Ethereum Price Triple Top?

Ethereum price ETH for the third time trading near the $15.00 resistance area vs the US Dollar. The stated level acted as a monster barrier on two occasions earlier, and I stated this many times that it holds the key for the next move in ETH. The price is once again trading near the same levels, and preparing for a break. Now, there are a few things, which we need to consider before trading.

First, there is a chance that ETH/USD is creating a triple top pattern on the daily chart (data feed via Kraken). If the ETH bulls fail to take the price higher, and do not succeed in breaking $15.00, then there is a possibility of a downside reaction in the near term. In that situation, the 23.6% Fib retracement level of the last leg from the $7.00 low to $14.85 high may come into play and act as a support.

Ethereum Price Technical Analysis

On the other hand, if the buyers succeed in breaking the highlighted resistance zone, then there is a chance of further upsides in ETH/USD. In that case, the 1.236 extension of the last decline may be tested, which is around $18.00.

Daily MACD – The MACD is almost flat, suggesting that the price is preparing for a break.

Daily RSI – The RSI is above the 50 level, which is a positive sign.

Major Support Level – $13.00

Major Resistance Level – $15.00

 

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

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