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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Price Technical Analysis – ETH/USD Trades Positive

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price remained in an uptrend, and moved above the $52.40 resistance against the US Dollar.
  • There are now two bullish trend lines with support at $52.80 and $51.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may continue to move higher, and may even break the $53.60 resistance for further gains.

Ethereum price managed to pop above the $52.40 resistance, and the recent ETH/USD bullish run looks positive for further upsides in the near term.

Ethereum Price Support

There was a tiny downside move in ETH price towards $51.80 against the US Dollar where it found support. Later, the price moved higher, and broke the 76.4% Fib retracement level of the last decline from the $52.45 high to $47.45 low. It opened the doors for more gains above $52.40. The price broke the $52.40 resistance and traded towards the $54.00 handle. The price almost tested the 1.236 extension of the last decline from the $52.45 high to $47.45 low.

At the moment, the price is struggling to clear the $53.60 resistance, and may move down a few points. On the downside, there are two bullish trend lines with support at $52.80 and $51.80 on the hourly chart ETH/USD. The first trend line support coincides with the 23.6% Fib retracement level of the last wave from the $50.60 low to $53.60 high.

Ethereum Price Technical Analysis

However, the most important support is now at $52.40. The stated level was a resistance earlier, and now may provide support at $52.40-50. It also coincides with the 38.2% Fib retracement level of the last wave from the $50.60 low to $53.60 high. Overall, if the price dips from the current levels, it may find support at $52.80 or $52.40.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is around the 71 level, and looks stable.

Major Support Level – $52.80

Major Resistance Level – $53.60

 

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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