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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Weekly Analysis – Can This Stop ETH/USD Buyers?

Aayush Jindal
Aayush Jindal
1 year 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 managed to start a recovery after trading as low as $5.68 against the US Dollar.
  • The current recovery is facing resistance near a major bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX).
  • A break above the highlighted trend line resistance may ignite an upside move.

Ethereum price is recovering well at the moment against the US dollar and Bitcoin, but also reaching a major pivot area.

Ethereum Price Hurdle

There was a major decline in Ethereum price against the US Dollar and BTC before starting a recovery. ETH/USD traded as low as $5.68 where the buyers appeared and started a recovery. There was a move above the 23.6% Fib retracement level of the last decline from the $12.68 high to $5.68 low. It means there is a chance of further gains in the near term if the buyers remain in control.

There is a major bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX). It is currently acting as a resistance and preventing an upside move. Moreover, the 38.2% Fib retracement level of the last decline from the $12.68 high to $5.68 low is also acting as a resistance. It looks like the price is finding it very hard to break the trend line resistance.

Ethereum Price Weekly Analysis

If there is a break above the trend line, then there are chances of further gains in the short term. The next stop for the buyers could be around the $9.20 level. On the downside, the $7.50 level is a key support, and may act as a barrier for a break down.

Daily MACD – The MACD is still in the bearish zone, which is a concern for the ETH buyers.

Daily RSI – The RSI has recovered well from the negative zone, but still below the 50 level.

Major Support Level – $7.50

Major Resistance Level – $8.50

 

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

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