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

Ethereum Price Technical Analysis –ETH/USD Buyers Taking Control

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

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Key Highlights

  • ETH price extended its correction and moved above the $165 level against the US Dollar.
  • Yesterday’s connecting bearish trend line with resistance at $166 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
  • The price is also above the $178 resistance zone, which is currently acting as a support.

Ethereum price has corrected substantially against the US Dollar and Bitcoin, and the ETH/USD pair is slowly gaining back the bullish momentum.

Ethereum Price Correction

There was an improvement in the market sentiment which is why ETH price corrected above $165 against the US Dollar. The price after trading as low as $136.55 started a decent correction. First, there was a move above the 23.6% Fib retracement level of the last decline from the $223.35 high to $136.55 low. It sparked an upside move above the $160 level as buyers managed to take control.

During the upside move, yesterday’s connecting bearish trend line with resistance at $166 on the hourly chart of ETH/USD was cleared. Later, the price gained momentum and broke the 50% Fib retracement level of the last decline from the $223.35 high to $136.55 low. It also settled above the $178 resistance and the 100 hourly simple moving average. All these are positive signs and suggest more gains above $170 in the near term. The broken resistance at $178-175 is currently acting as a support.

Ethereum Price Technical Analysis ETH USD

Moreover, there is a bullish trend line with support at $175 on the hourly chart. On the upside, the pair needs to break the 61.8% Fib retracement level of the last decline from the $223.35 high to $136.55 low at $190.92. Once it break $190, it may also be able to clear $200.00 for more upsides.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is now above the 50 level and signaling gains.

Major Support Level – $170

Major Resistance Level – $190

 

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

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