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

Ethereum Price Technical Analysis – ETH Initial Target Hit

Aayush Jindal
Aayush Jindal
8 years 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

  • ETH price gained bids during the past 24 hours as forecasted against the US Dollar.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a perfect support for the pair.
  • The ETH/USD pair traded above the $11.50 level, which is a positive sign in the near term.

Ethereum price surged higher against the US Dollar and broke a couple of important resistances to set a bullish trend in the short term.

Ethereum Price Upside Move

Ethereum price ETH gained heavily during the past 24 hours and remained in a nice uptrend versus the US Dollar. My yesterday’s forecast of more gains in ETH worked perfectly as we witnessed an upside move. There was a move above a couple of important resistance levels, which helped the bulls in gaining momentum. The price broke the $11.50 level, which was a major hurdle on the upside for more gains in the near term.

A key point to note is that the price managed to hold yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. The recent trend looks positive for the ETH and it looks like the price may continue to move higher. If it corrects lower from the current levels, then an initial support is around the 23.6% Fib retracement level of the last leg from the $10.52 low to $11.59 high.

However, the most important support is around the highlighted trend line. It may continue to act as a buy area. As long as the price is above it, there are chances of more gains in ETH going forward.

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

Hourly RSI – The RSI is around the overbought levels, which may ignite a minor correction in ETH.

Major Support Level – $11.20

Major Resistance Level – $11.60

 

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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Created by industry experts and meticulously reviewed
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