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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Price Technical Analysis – ETH/USD Eyes Further Upsides

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

  • ETH price gained bullish momentum and traded towards $230 against the US Dollar.
  • There is a connecting bullish trend line with support at $221 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • On the upside, a push above the recent high of $231.92 is needed for more gains.

Ethereum price is back in the bullish zone against the US Dollar and Bitcoin, and now ETH/USD might trade towards the $250 level.

Ethereum Price Support

The last two days price action was encouraging and suggests more gains in ETH price above $230 against the US Dollar. The price recently gained traction and moved above the $208 and $215 resistance levels. A new monthly high was formed near $231.29 where sellers emerged. The price is currently correcting lower, but remains supported above $220. It is currently testing the 23.6% Fib retracement level of the last wave from the $188.83 low to $231.29 high.

There is a connecting bullish trend line with support at $221 forming on the hourly chart of ETH/USD. The trend line support is above the 38.2% Fib retracement level of the last wave from the $188.83 low to $231.29 high. So, if the price corrects lower, it is likely to find bids near $220. Below $220, the previous resistance at $208 could be tested, which is a major support now.

Ethereum Price Technical Analysis ETH USD

The overall buying sentiment is stable as long as the price is above $208. The recent BTC hard fork did not have any major impact on the market. So, it seems like the price may recover in the near term above the $230 level. Buying dips in the short term towards $220-210 may be considered.

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

Hourly RSI – The RSI is now well above the 50 level and pointing bullish signs.

Major Support Level – $220

Major Resistance Level – $230

 

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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The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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