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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Price Weekly Analysis – ETH/USD Sustained Move Higher

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

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Key Highlights

  • ETH price surged higher during the past few days and moved above $120 against the US Dollar.
  • There are two bullish trend lines formed with support at $99 and $65 on the daily chart of ETH/USD (data feed via SimpleFX).
  • The pair may soon break the recent high of $127.95 and trade above $130.

Ethereum price gained heavily against the US Dollar and Bitcoin, and now ETH/USD may soon break $130 for further gains in the near term.

Ethereum Price Buy Dips

In the last weekly analysis, we analyzed a crucial bearish trend line with resistance near $88 on the 4-hours chart of ETH/USD. We were waiting for a break above $90 in ETH price against the US Dollar for further gains. The price did break the 61.8% Fibonacci retracement level of the last decline from the $100.80 high to $70.00 low to ignite an upside move. There were sharp gains, as the price climbed above the $100, $110 and $120 levels.

A new all-time high was formed near $127.95 (data feed via SimpleFX). The price is currently trading near $124 and consolidating. An initial support on the downside is around $117. It also coincides with the 23.6% Fib retracement level of the last wave from the $82.35 low to $127.95 high. If the pair dips from the current levels, it may find support near $120 or $117.

Ethereum Price Weekly Analysis ETH USD

One may consider buying dips near $120 in the near term. The overall trend is bullish, as there are two bullish trend lines formed with support at $99 and $65 on the daily chart of ETH/USD. The pair may soon break higher and climb above $128. If buyers remain in action, there can be a break above $130 for a move towards $135-138 soon.

Daily MACD – The MACD is placed strongly in the bullish zone.

Daily RSI – The RSI is in the overbought levels.

Major Support Level – $117.00

Major Resistance Level – $130.00

 

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.

Read more

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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