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

Ethereum Price Technical Analysis – Can ETH/USD Gain Momentum?

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

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Key Highlights

  • ETH price made a minor low at $7.40 against the US Dollar, and started correcting higher.
  • There is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which the pair is attempting to break at the moment.
  • A close above the trend line resistance may call for a move towards $7.75.

Ethereum price after a dip against the US Dollar started recovering. The ETH/USD pair currently is looking to break a short-term resistance.

Ethereum Price Resistance

There was a minor decline in ETH price versus the US Dollar yesterday, as the price traded below $7.50 and made a minor intraday low at $7.40. There was a move below the 76.4% Fib retracement level of the last wave from the $7.34 low to $7.82 high to complete the wave. The price later started a recovery, and climbed above the 23.6% Fib retracement level of the last decline from the $7.82 high to $7.40 low.

However, the upside move is currently facing a monster resistance near $7.55. It is comprised of a few important hurdles. First, there is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. Second, the 38.2% Fib retracement level of the last decline from the $7.82 high to $7.40 low. And, the last one is the 100 hourly simple moving average. All these hurdles are acting as a resistance at the moment and preventing more gains above $7.55.

Ethereum Price Technical Analysis

If there is a successful break above $7.55, there is a chance of a move towards the all-important $7.75-80 resistance area. Overall, the price may range trade and attempt to post gains in the short term.

Hourly MACD – The MACD is about to change the slope from the bearish to bullish slope.

Hourly RSI – The RSI is above the 50 level, and heading north.

Major Support Level – $7.40

Major Resistance Level – $7.75

 

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.

Read more

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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