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Ethereum Price Technical Analysis – ETH/USD Remains Range Bound

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

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Key Highlights

  • There was no break above $90.98-91.00 in ETH price against the US Dollar, as the upside move was contained.
  • There is a clear range pattern formed with support at $84.60 and resistance near $91 on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The 100 hourly simple moving average is acting as a strong resistance near $88.20, and preventing gains.

Ethereum price did not move much against the US Dollar and Bitcoin, and ETH/USD is currently forming a range with resistance near $91.

Ethereum Price Upside Hurdle

Yesterday, we saw an upside break in ETH price above $88 against the US Dollar. However, the price was contained near $91, which acted as a strong resistance and prevented gains. The same level was also near the 76.4% Fib retracement level of the last decline from the $98 swing high to $70 low. Later, the price started trading in a range with resistance just below $91.

If we look closely, then it’s the 100 hourly simple moving average which is acting as a strong hurdle and currently near $88.20. It may continue to act as a barrier for gains above $90. Looking at the hourly chart of ETH/USD, there is a clear range pattern formed with support at $84.60 and resistance near $91. On the downside, the range support is near the 23.6% Fib retracement level of the last wave from the $70 swing low to $90.98 high.

Ethereum Price Technical Analysis ETH USD

As long as the price is below the 100 hourly simple moving average and $91, there is a chance of a dip towards $84. However, any downside move should limited, considering the current market sentiment. Finally, when buyers gain traction, ETH price may look to break $91 for further gains in the near term.

Hourly MACD – The MACD is mostly flat.

Hourly RSI – The RSI is just around the 50 level.

Major Support Level – $84

Major Resistance Level – $91

 

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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