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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Price Technical Analysis – ETH/USD To Break $350 Soon

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

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Key Highlights

  • ETH price gained momentum and successfully broke the $320 resistance against the US Dollar.
  • There is a major bullish trend line with support at $330 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may soon gain pace and move above the $350 resistance in the near term.

Ethereum price remained in an uptrend against the US Dollar and Bitcoin, and now ETH/USD is likely to break $350 for further gains.

Ethereum Price Uptrend Intact

We saw heavy gains in ETH price recently, as it broke the $300 and $320 resistance levels against the US Dollar. The price is following a nice uptrend and trading well above the $300 support. Recently, the price traded to $345.35 where it faced sellers and started a correction. It moved down, and broke the 23.6% Fib retracement level of the last wave from the $319.80 low to $345.35 high.

However, the downside move was limited since there was a decent support at $330-332, which prevented declines. Moreover, there is a major bullish trend line with support at $330 forming on the hourly chart of ETH/USD. It protected additional losses below $330. Lastly, the 50% Fib retracement level of the last wave from the $319.80 low to $345.35 high also acted as a support.

Ethereum Price Technical Analysis ETH USD

The price is once again moving higher and likely to test $345 soon. If buyers remain in control, there can be an upside move towards $350 as well. On the downside, the trend line support and $335 holds a lot of importance. As long as the price above the $320 support, it is likely to trade above $350 in the near term.

Hourly MACD – The MACD is moving nicely in the bullish slope.

Hourly RSI – The RSI is well above the 50 level, and signaling an upside move.

Major Support Level – $320

Major Resistance Level – $350

 

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
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