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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – Buy Dips In ETH/USD?

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

  • ETH price finally managed to trade higher against the US Dollar and posted a short-term break.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for more gains.
  • ETH/USD is now above a short-term resistance and may present another buying opportunity.

Ethereum price managed to surpass a bearish trend line versus the US Dollar, which may help ETH buyers to step up the momentum.

Ethereum Price Break

Ethereum price after struggling for a few sessions against the US Dollar finally managed to trade higher. There was a nice upside move, and the price managed to clear a couple of short-term resistances. I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD in my last two analysis. It was acting as a resistance for more gains until recently. The buyers managed to break the same and took the price higher.

During the upside move, there was a break above a couple of other hurdles as well. First, the 38.2% Fib retracement level of the last drop from the $13.34 high to $12.53 was cleared. Second, the price also managed to close above the 100 hourly simple moving average. However, the upside was stopped near another major resistance. The 200 hourly SMA was sitting at $13.03 to act as a barrier for the bulls.

Ethereum Price Technical Analysis

Moreover, the 61.8% Fib retracement level of the last drop from the $13.34 high to $12.53 also prevented gains. The price is currently correcting lower, but remains supported. If there is a move towards the 100 hourly SMA, then the ETH buyers are likely to protect losses. One may consider buying in that situation with a stop below it.

Hourly MACD – The MACD is currently in the bullish zone.

Hourly RSI – The RSI is above the 50 level, and suggesting more gains.

Major Support Level – $12.80

Major Resistance Level – $13.05

 

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
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