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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 Technical Analysis – ETH/USD Eyes $16?

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price surged further against the US Dollar and traded as high as $15.80.
  • There are now two connecting bullish trend lines formed with support at $15.20 and $14.20 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to continue to trade higher, and it might challenge the $16.00 handle soon.

Ethereum price maintained its bullish tone against the US Dollar to trade above $15.00. More gains towards $16.00 are likely in ETH/USD.

Ethereum Price Continuing Gains

It was no surprise that there were further gains in ETH price against the US Dollar, as it moved past $15.20. The price gained a lot of pace, and surged towards $15.80. There is no sign of a pullback yet in ETH/USD, which means the pair may even challenge the $16.00 handle soon. There was a minor correction yesterday, which later completed, and the price moved above $14.40.

The ETH sellers attempted a move towards the 23.6% Fib retracement level of the last wave from the $12.53 low to $14.53 high. However, there was no complete test, and the price traded above the last swing high of $14.53. A new high of $15.80 was formed. At the moment, there are many supports on the downside. First, the 23.6% Fib retracement level of the last wave from the $14.20 low to $15.80 at $15.42. Second, there is a new connecting bullish trend line at $15.20 on the hourly chart of ETH/USD (data feed via SimpleFX).

Ethereum Price Technical Analysis ETh

Both these are likely to act as a good buy zone. So, if the price corrects lower, the $15.20 level might act as a support. On the upside, the next stop for the bulls could be near $16.00.

Hourly MACD – The MACD is extending its moves in the bullish zone.

Hourly RSI – The RSI is well in the overbought levels with no sign of a downside move.

Major Support Level – $15.20

Major Resistance Level – $16.00

 

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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