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Ethereum Price Technical Analysis – ETH Preparing For Break

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ethereum price after surging higher started a correction yesterday, and currently preparing for a break.
  • There is a contracting triangle pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may provide us the next move.
  • My idea of buying continued to play well, as the ETH bulls bought every major dip in ETH/USD.

Ethereum price is currently trading with a positive bias against the US Dollar, and if the current trend remains intact more gains are likely.

Ethereum Price Resistance

Ethereum price ETH started a correction phase yesterday after a strong rise against the US Dollar. The price traded lower and almost tested the 50% Fib retracement level of the last leg from the $10.84 low to $12.86 high where the bulls appeared. There was buying interest noted around the stated level, which pushed the price higher once again.

Currently, the price is approaching the last swing high of $12.86, but at the same time forming a contracting triangle pattern formed on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted triangle pattern looks like a bullish triangle, which may pave the way for more upsides in the short term. Almost all technical indicators are positive, and suggesting more gains.

Ethereum Price Technical Analysis

I think we can consider a buy trade on dips as long as the price is above the triangle support area. A stop should be below it, since a break below it could take the price towards the 61.8% Fib retracement level of the last leg from the $10.84 low to $12.86 high. The 100 hourly simple moving average is also positioned around the stated level, waiting to provide support to the ETH/USD pair if it moves down.

Hourly MACD – The MACD is in the bullish zone, suggesting a bullish bias.

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

Major Support Level – $12.10

Major Resistance Level – $12.60

 

Charts courtesy – SimpleFX

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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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