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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Approaching Break

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • The ETH price remained above the $340 and $335 support levels against the US Dollar.
  • Yesterday’s highlighted contracting triangle pattern with support at $336 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
  • The pair also succeeded in holding the 100 hourly simple moving average at $342.

Ethereum price is trading nicely against the US Dollar and Bitcoin, and it looks like ETH/USD is preparing for the next move above the $370 resistance.

Ethereum Price Support

Yesterday, we saw a range pattern above the $330-335 support in in ETH price against the US Dollar. The price remained in the stated range and above the $330 support. The best part was no break below the 100 hourly simple moving average at $342. The price moved nicely and traded with a neutral to bullish tone towards $350-360. There was once a dip below the 23.6% Fib retracement level of the last wave from the $256 low to $375 high. However, buyers were able to protect gains below $330.

There was no test of the 38.2% Fib retracement level of the last wave from the $256 low to $375 high. It looks like yesterday’s highlighted contracting triangle pattern with support at $336 on the hourly chart of ETH/USD is playing well. As long as the pair is above the 100 hourly simple moving average and $330 support, it may gain. On the upside, the triangle resistance is currently at $370. It is a contracting triangle, so the range of $335-370 will shrink as we move ahead.

Ethereum Price Technical Analysis ETH USD

The price action is positive, and suggests a break above $370 soon. We need to carefully monitor the 100 hourly simple moving average and $330 in terms of support in the near term.

Hourly MACD – The MACD is almost flat.

Hourly RSI – The RSI is just above the 50 level, and showing positive signs.

Major Support Level – $330

Major Resistance Level – $370

 

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Ad discliamer

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