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

Ethereum Price Technical Analysis – More Gains Sighted

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

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Key Highlights

  • ETH price managed to pop higher during the end of this past week against the US Dollar.
  • There is a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which can be seen as a support area.
  • The price is also above the 100 hourly simple moving average, which is a positive sign.

Ethereum price gained recently versus the USD, and it looks like the technical indicators are aligning for more gains in ETH.

Ethereum Price Support

Ethereum price ETH after struggling for a brief period started to show some positive signs against the US dollar and traded higher. There was a move from the $10.20 support area and close above the $10.80 resistance zone. During the recent upside move the price cleared a couple of important resistances, including the 100 hourly simple moving average.

The price recently traded as high as $11.18 where it found sellers and started correcting lower. The price corrected towards the 38.2% Fib retracement level of the last wave from the $10.31 low to $11.18 high. It found support and now moving back higher. Moreover, there is a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It is acting as a support zone, and can be considered as a buying area in the near term.

As long as the price is above the $10.50 level, there is a chance of a move above the recent high of $11.18. In my view, the current trend is positive for the ETH/USD pair, and may take it further higher. The technical indicators are also signaling more gains in ETH going forward.

Hourly MACD – The MACD is back in the bullish zone, which is a positive sign.

Hourly RSI – The RSI is now above the 50 level, and calling for more gains in ETH.

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

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

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