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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’s Annoying Range

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

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Key Highlights

  • ETH price continues to trade in a range above the $290 level against the US Dollar.
  • There is a short-term contracting triangle forming with resistance at $299 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • A close above the $299 level might trigger some buying interest above the $300 level.

Ethereum price remains in a range against the US Dollar and Bitcoin. ETH/USD might trade higher towards $304 to test buyer’s strength in the near term.

Ethereum Price Resistance

There was absolutely no action in ETH price above the $300 level against the US Dollar. The price continues to trade in a range above the $290 level and faces a major resistance near $302-304. There was a minor dip recently and the price traded close to the $292.50 level. ETH found support and is currently trading above $295.50. It has moved above the 23.6% Fib retracement level of the last drop from the $303.63 high to $292.52 low.

It seems like there is a short-term contracting triangle forming with resistance at $299 on the hourly chart of ETH/USD. The triangle resistance is near the 50% Fib retracement level of the last drop from the $303.63 high to $292.52 low. Once there is a close above the triangle resistance and $300, the pair should retest the $302-304 resistance zone.

Ethereum Price Technical Analysis ETH USD

The mentioned $302-304 resistance is acting as a strong barrier. There are several failures already, but sooner or later the price will break either $304-310 or $290 for the next move. The price is currently closing above the 100 hourly simple moving average and $299. Therefore, there are chances of an upside swing in the short term towards $305-308.

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

Hourly RSI – The RSI might soon break the 50 level to test the 60 level.

Major Support Level – $292

Major Resistance Level – $304

 

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
Created by industry experts and meticulously reviewed
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