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Ethereum Price Technical Analysis – ETH/USD Buy Zone Near $360

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

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Key Highlights

  • There were decent moves in ETH price, as it remained elevated above the $360 level against the US Dollar.
  • There is a cluster of bullish trend lines with supports such as $360, $350 and $345 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair remains a good buy on dips as long as there is no daily close below $335.

Ethereum price is preparing for the next break against the US Dollar and Bitcoin, and ETH/USD can be seen as a good buy on dips.

Ethereum Price Resistance

There was mostly a consolidation in ETH price above $360 against the US Dollar during the past few hours. The price looks stable and may be preparing for the next move above $380. If we look at the hourly chart of ETH/USD, there is a connecting bearish trend line at $380, which is acting as a resistance. The pair is trading below it, and slowly moving lower.

On the downside, there are many supports like $360 and $350. We can also see a cluster of bullish trend lines with supports such as $360, $350 and $345 on the same chart of ETH/USD. One of the trend lines is positioned with the 100 hourly simple moving average at $335. I think it can be considered as a strong support, and sellers may find it tough to close the price below $335. Moreover, the 38.2% Fib retracement level of the last wave from the $298 low to $394 high can also act as a support.

Ethereum Price Technical Analysis ETH USD

If the price dips from the current levels these trend lines between $345-360 may provide support. One can consider buying with a stop of a daily close below $335.

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

Hourly RSI – The RSI is flat and positioned just above the 50 level.

Major Support Level – $335

Major Resistance Level – $380-390

 

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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