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

Ethereum Price Weekly Analysis – ETH/USD Approaching Break

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

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Key Highlights

  • Ethereum price after a solid decline towards the $11.48 level against the US Dollar found support.
  • There is a critical contracting triangle pattern formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), which may provide us the next move.
  • There is a chance of the price heading higher towards the 100 simple moving average on the same chart.

Ethereum price after the recent losses started finding bids, and it looks like there is a support forming on the downside for a minor correction.

Ethereum Price Correction

Ethereum price ETH fell sharply this past week against the US Dollar and surprised many traders. It traded as low as $11.48 where the bulls appeared and prevented further losses. The price is currently forming a critical contracting triangle pattern on the 4-hours chart of ETH/USD (data feed via SimpleFX). It may play a major role for the next move in the near term. The upper trend line of the triangle pattern is also coinciding with the 23.6% Fib retracement level of the last drop from the $13.34 high to $11.48 low.

So, the triangle resistance holds a lot of importance in the near term. The last couple of candles are positive, and the pair is continuously finding bids on the downside. It looks like there is a chance that the price may gain traction and trade higher. The next stop on the upside could be around the 50% Fib retracement level of the last drop from the $13.34 high to $11.48 low at $12.40.

Ethereum Price Weekly Analysis

The stated level also holds a lot of value as the 100 simple moving average on the 4-hours chart is positioned near it. Overall, there is a chance of an upside move, which may be limited.

4-hours MACD – The MACD has just moved into the bullish zone, which is a good sign.

4-hours RSI – The RSI is attempting to break the 50 level to encourage the bulls.

Major Support Level – $11.50

Major Resistance Level – $11.95

 

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
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