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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Technical Analysis – ETH/USD Back In Bullish Zone

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

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Key Highlights

  • After a sharp decline in ETH price towards the $80 handle against the US Dollar, a recovery started.
  • A major bearish trend line with resistance at $87.90 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is currently attempting a close above the 100 hourly simple moving average at $89.

Ethereum price managed to recover well from losses against the US Dollar and Bitcoin, and now ETH/USD is back in the bullish zone.

Ethereum Price Recovery

Yesterday, we saw a major decline in ETH price below $85 against the US Dollar. There was a sharp downside move and the price traded as low as $82.39. I mentioned that there is a chance of the price testing the 1.236 extension of the last wave from the $83.35 low to $93.49 high. It almost tested the same, traded as low as $82.39, and started a recovery. ETH/USD was successful in breaking the 38.2% Fib retracement level of the last decline from the $93.49 high to $82.39 low.

However, the most important break was above a major bearish trend line with resistance at $87.90 on the hourly chart of ETH/USD. At the moment, the price is attempting a close above the 100 hourly simple moving average at $89. Moreover, the 61.8% Fib retracement level of the last decline from the $93.49 high to $82.39 low is acting as a resistance and preventing further gains.

Ethereum Price Technical Analysis ETH USD

In my view, the price needs to close above the 100 hourly simple moving average and $90. If may find it difficult, so there can be a dip towards $87-85 before it makes another attempt. On the upside, the next major hurdle is near $90.87, which represents a swing high.

Hourly MACD – The MACD is attempting to move in the bullish zone.

Hourly RSI – The RSI has managed to move above the 50 level.

Major Support Level – $87.00

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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