ETH/USD Attempting Trend Change

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price traded further lower against the US Dollar to test $10.15 where it found support.
The ETH/USD pair is now making an attempt to break yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX).
A break and close above $10.40 might open the doors for more gains in the near term.

Ethereum price found buyers near $10.15 against the US Dollar, and now it looks like ETH/USD is attempting an upside move.

Ethereum Price Recovery

We saw more declines in ETH price against the US Dollar, as it traded below $10.20 to trade as low as $10.15 where it found buyers. One important point to note is the fact that the price found support near a crucial level ($10.15). It represents the 50% Fib retracement level of the last leg higher from the $9.57 low to $10.84 high. So, we can say that the price may have completed a leg down, and might move higher towards $10.50.

The price already moved above the 23.6% Fib retracement level of the last decline from the $10.84 high to $10.15 low. So, there is a chance of more gains towards $10.50. At the moment, the ETH/USD pair is attempting to clear yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX). If it succeeds in breaking the trend line resistance at $10.38 and closes above it, there are chances of more upsides.

The next hurdle could be around the 100 hourly simple moving average at $10.45. However, I think it won’t be easy for the ETH buyers to clear the resistance and move towards $10.50. So, I think we should wait for a proper break if planning to enter a buy trade.

Hourly MACD – The MACD is attempting to move into the bullish zone, which is a positive sign.

Hourly RSI – The RSI has moved above the 50 level, signaling a bullish bias.

Major Support Level – $10.20

Major Resistance Level – $10.40

Charts courtesy – SimpleFX

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.

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.
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