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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ethereum Price Technical Analysis – ETH/USD Facing Major Hurdle

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 recovered well from the $250.73 low against the US Dollar, but facing sellers near $292.
  • There is a new connecting bullish trend line forming with support at $282 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
  • The price has to break the $292 and $294 resistance levels to gain traction in the near term.

Ethereum price has recovered well against the US Dollar and Bitcoin. ETH/USD buyers need to take the pair above $292 for further upsides.

Ethereum Price Upside Barrier

The past 2-3 sessions were decent for ETH price as it managed to settle above the $270 resistance against the US Dollar. The price recovered very well from the $250.73 low and tested the previous resistance zone near $292. There was no upside break above $292-294 and the price started correcting lower. There was a dip below the 23.6% Fib retracement level of the last wave from the $250.73 low to $293.63 high.

However, the downside move found support near $274-275. The 38.2% Fib retracement level of the last wave from the $250.73 low to $293.63 high also acted as a support. Moreover, the 100 hourly simple moving average currently at $273 also provided support. The price recovered and currently trading above $280. On the downside, there is a new connecting bullish trend line forming with support at $282 on the hourly chart of ETH/USD.

Ethereum Price Technical Analysis ETH USD

As long as the pair is above the trend line support, $274 and the 100 hourly simple moving average, it remains supported. On the upside, buyers need to clear the $292-294 resistance area to gather momentum. Above $292, the price might even break $300. On the downside, a break of $270 could take the price back towards $255.

Hourly MACD – The MACD is losing momentum in the bullish zone.

Hourly RSI – The RSI is currently above the 50 level.

Major Support Level – $270

Major Resistance Level – $292-294

 

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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