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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Technical Analysis – ETH/USD To Resume Trend

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price started a correction after trading as high as $255.74 against the US Dollar.
  • Yesterday’s highlighted major bullish trend line with support at $205 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
  • The price is bouncing back, and it looks like a correction towards $185 is now complete.

Ethereum price likely completed a short-term correction against the US Dollar and Bitcoin. Now, ETH/USD is about to resume its bullish trend.

Ethereum Price Upside Move

Yesterday, we saw a rally in ETH price above the $250 level against the US Dollar. The price traded as high as $255.74 before starting a correction. During the correction wave, the price was able to break the 50% Fib retracement level of the last wave from the $136.50 low to $255.74 high. Also during the downside move, there was a break below yesterday’s highlighted major bullish trend line with support at $205 on the hourly chart of ETH/USD.

The pair traded towards the 100 hourly simple moving average at $185 where it found support. The stated level was also above the 61.8% Fib retracement level of the last wave from the $136.50 low to $255.74 high. The price is now recovering well, and it looks like a correction towards $185 is now complete. A move above the 23.6% Fib retracement level of the last decline from the $255.74 high to $185.43 low is a positive sign.

Ethereum Price Technical Analysis ETH USD

The price now needs to settle above the $200 level. Once it does, it can easily break $215 and the 38.2% Fib retracement level of the last decline from the $255.74 high to $185.43 low. Buying dips close to the 100 SMA or $190 may be considered in the short term.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI is higher towards the 50 level.

Major Support Level – $190

Major Resistance Level – $215

 

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
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How Our News is Made

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