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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Technical Analysis – ETH/USD Rallies From $9.00

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

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Key Highlights

  • ETH price after a sharp downside move found support near $9.00 against the US Dollar, and started recovering.
  • There was a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the recent upside move.
  • The price traded higher, and currently finding sellers near the $9.80-10.00 area.

Ethereum price after yesterday’s collapse found support near $9.00 against the US Dollar. The ETH/USD is now back higher and in the bullish zone.

Ethereum Price Upside Move

We saw yesterday how there was a sharp decline in ETH price against the US Dollar below the $10.00 support. The price extended its decline and moved below the last swing low of $9.40 to create a new low. There was a full test of the 1.236 extension of the last wave from the $9.40 low to $10.66 high. The price traded as low as $9.00 where it found support and started moving higher.

The price traded higher and during the upside move broke a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. There was also a break above the 23.6% Fib retracement level of the last decline from the $10.58 high to $9.00 low. There was a solid rise, as the price moved past the $9.40 resistance area. However, the upside move found sellers near the 50% Fib retracement level of the last decline from the $10.58 high to $9.00 low.

Ethereum Price Technical Analysis

The price is currently slightly bearish below $9.80. It needs to climb above the mentioned level for the ETH buyers to step up the momentum. If there is no break, there is a chance of a retest of $9.40 at least in the near term.

Hourly MACD – The MACD is about to move into the bullish slope.

Hourly RSI – The RSI is now back above the 50 level, which is a positive sign.

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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