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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Analysis – ETH/USD Showing Positive Signs

Aayush Jindal
Aayush Jindal
7 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 bounced against the US Dollar before the hard fork was initiated, and later corrected lower.
  • There was a break higher, and currently there is a bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acting as a support.
  • The price is struggling to hold gains, but remains above a major support area of $9.50.

Ethereum price managed to climb higher against the US Dollar yesterday, but quickly retraced most gains. Can ETH/USD regain traction?

Ethereum Price Upside Move

Yesterday, there was a rise in ETH price just before the Ethereum network 4th Hard Fork. The ETH/USD pair surged higher and broke yesterday’s highlighted range resistance area at $9.50. There was a new high formed at $10.08 before the price found resistance and moved down. There was a sharp downside move, as the price broke the 38.2% Fib retracement level of the wave from the $9.36 low to $10.08 low.

The downside was so sharp that there was a complete test of the 100 hourly simple moving average. Moreover, the price also tested the broken resistance at $9.50 along with the 76.4% Fib retracement level of the wave from the $9.36 low to $10.08 low. The price is currently stable and consolidating the recent swing moves. It looks like there is a chance of ETH moving back higher if the bulls manage to regain traction.

Ethereum Price Technical Analysis

On the downside, the $9.50-40 support area may play a major role. As long as the price is above it, there is a chance of it gaining pace once again. On the upside, we need a daily close above $10.00 for the price to establish a bullish trend.

Hourly MACD – The MACD is heading back into the bearish slope from the bullish area.

Hourly RSI – The RSI is just above the 50 level and struggling to hold it.

Major Support Level – $9.40

Major Resistance Level – $9.80

 

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

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