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Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

Ethereum Price Weekly Analysis – What Can Happen Next?

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • Ethereum price continued to face a lot of hurdles this past week against the US Dollar and Bitcoin.
  • There is a monster bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), acting as a resistance on the upside.
  • A break and a daily close above the $10.00 level is needed for the price to gain momentum.

Ethereum price remained under a lot of bearish pressure versus the USD to trade towards $9.20. Let’s see if ETH/USD can recover or not.

Ethereum Price Recovery Possible?

Every time ETH price attempted a recovery this past week it faced sellers not only against the US Dollar, but also versus the Bitcoin. The ETH/USD pair declined and traded as low as $9.29 where the buyers just managed to protect the downside. It is currently attempting to correct higher, and trading just above the 23.6% Fib retracement level of the last decline from the $10.20 high to $9.29 low.

It is clearly struggling to gain momentum, and it looks like buyers are not finding any reason for now to take the price higher. There are many resistances on the upside like $9.70 and $10.00. The most important one is around a monster bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX). It acted as a major barrier for a recovery in ETH/USD in the past, and may continue to stop the upside.

Ethereum Price Weekly Analysis

The 50% Fib retracement level of the last decline from the $10.20 high to $9.29 low is also just around the trend line. If the ETH has to start a real and substantial recovery, it has to break the $10.00 level and close above it.

4-hours MACD – The MACD is currently in the bearish zone, and not showing any convergence.

4-hours RSI – The RSI is currently well below the 50 level, but now with no real direction.

Major Support Level – $9.40

Major Resistance Level – $10.00

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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