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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Weekly Analysis – Can ETH Buyers Gain Momentum?

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

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Key Highlights

  • Ethereum price somehow managed to recover a few points yesterday against the US dollar.
  • There was a major bearish trend line formed on the daily chart of the ETH/USD pair (data feed via SimpleFX), which looks like broken during the recent move.
  • If the current break is true, then the ETH/USD pair may head further higher.

Ethereum price recently corrected higher versus the US Dollar, but we need to see if the current pace can be retained by buyers or not.

Ethereum Price Upside Move

Ethereum price ETH remained in a heavy downtrend during this past week against the US Dollar, and traded as low as $10.17. However, the ETH bulls finally managed to defend further downsides, and pushed the price higher. There was a major bearish trend line on the daily chart of the ETH/USD pair (data feed via SimpleFX). It looks like buyers have managed to push the price above the highlighted trend line. If the recent trend line break is true, then there is a chance of more gains in ETH.

Ethereum Price Weekly Analysis

The price is currently trading near the 50% Fib retracement level of the last drop from the $14.69 high to $7.17 low. So, it may not be easy for buyers to push the price further higher. However, if they succeed, then a test of the 100-day simple moving average on the upside is also possible. Furthermore, the 61.8% Fib retracement level of the last drop from the $14.69 high to $7.17 low is also positioned just below it.

In my opinion, the ETH/USD pair is showing a few positive just, and now it all depends on buyers to maintain momentum.

Daily MACD – The MACD is still in the bearish zone, but may move into the bullish slope.

Daily RSI – The RSI is just below the 50 level, and a break is needed for further push.

Major Support Level – $10.50

Major Resistance Level – $11.20

 

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

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