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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH Is In Uptrend

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

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Key Highlights

  • ETH price surged higher towards $13.20 against the US Dollar to form an uptrend.
  • There is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which may act as a support zone if the pair corrects lower.
  • Buying dips remain a good option for ETH, as long as the price remains supported.

Ethereum price traded higher versus the US Dollar and my buy dips idea presented yesterday is playing well in the short term.

Ethereum Price Support

Ethereum price climbed a few points higher during the past 24 hours against the US Dollar to set a high of $13.21. I mentioned yesterday that the price remains supported on the downside, and buying dips may be a good option in the near term. It looks like the presented idea is working well, as the price broke the 61.8% Fib retracement level of the last drop from the $13.34 high to $12.53.

It is a clear signal that the price is now in the third wave and setting up for another upside move. After trading as high as $13.21, it started correcting lower. During the downside, it settled below the 23.6% Fib retracement level of the wave from the $12.59 low to $13.21 high. However, the price remains supported on the downside. As highlighted, there is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It may act as a major barrier for the sellers.

Ethereum Price Technical Analysis

An immediate support is at the 100 hourly simple moving average. There is a chance of a dip towards the trend line to acquire buyers, and then move higher. I think one may consider buying as long as the price is above the trend line support.

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

Hourly RSI – The RSI is also above the 50 level, and signaling an uptrend.

Major Support Level – $12.95

Major Resistance Level – $13.20

 

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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Created by industry experts and meticulously reviewed
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