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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Can Test $90

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • There was another upside push in ETH price as it traded above the $85 resistance against the US Dollar.
  • There are two bullish trend lines with support at $83.00 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price is about to break the $86 resistance and move towards the $90 level in the near term.

Ethereum price continued its upside streak against the US Dollar, and it looks like the ETH/USD pair may soon test the $90 level.

Ethereum Price Rockets Higher

In the weekly analysis, I mentioned that ETH price may continue to rally against the US Dollar above $75. The price did move higher, and broke a lot many resistances like $82 and $85 on the way up. It recently made a new high at $86.07 and looks unstoppable. First, there was a rise towards the $82 level where it found sellers and started a correction. It traded below the 23.6% Fib retracement level of the last wave from the $75.46 low to $82.59 high.

The downside move extended, as the price traded towards $79 where it found bids. It tested the 38.2% Fib retracement level of the last wave from the $75.46 low to $82.59 high. The correction completed, and the price moved back above $80 and $82. Later, it rocketed higher and traded above the $85 level. A new high was formed at $86.07, and it looks like the price may continue to trade towards $90.

Ethereum Price Technical Analysis

On the downside, there are two bullish trend lines with support at $83.00 formed on the hourly chart of ETH/USD. So, if the pair declines from the current levels, it could find support at $83 or $82. Overall, it could test $90 in the near term.

Hourly MACD – The MACD is solid in the bullish zone.

Hourly RSI – The RSI is heading further higher in the overbought levels.

Major Support Level – $82.00

Major Resistance Level – $90.00

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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