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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Ethereum Price Technical Analysis – Can ETH/USD Capitalize?

Aayush Jindal
Aayush Jindal
1 year 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 is attempting an upside move above $290 against the US Dollar, but lacking momentum.
  • There was a break above a key bearish trend line with resistance at $290 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price needs to gain pace above $292 to surpass the 100 hourly simple moving average.

Ethereum price is attempting an upside move against the US Dollar and Bitcoin. ETH/USD needs to gather pace above $292 in order to capitalize further.

Ethereum Price Resistance

There were multiple attempts to break the $287-286 support zone in ETH price against the US Dollar. The price formed a decent support at $286 and started an upside move. It broke the 23.6% Fib retracement level of the last decline from the $303.63 high to $285.75 low. Moreover, there was a break above a key bearish trend line with resistance at $290 on the hourly chart of ETH/USD. These are positive signs above $290, but the pair is lacking momentum.

Therefore, any further gains above $292 won’t be easy. The most important resistance is near the 50% Fib retracement level of the last decline from the $303.63 high to $285.75 low. The 100 hourly simple moving average is also near $294 to act as a hurdle. There is a chance of another dip in prices towards $290-288 before buyers step in again.

Ethereum Price Technical Analysis ETH USD

As long as the price is above $287-286, it remains supported. Any dips can be bought above $286, but with caution. A close below the stated support might take the price towards $277. On the upside, buyers need to gain momentum above $292 and $294 to register good gains in the near term.

Hourly MACD – The MACD is almost flat and attempting to settle in the bullish zone.

Hourly RSI – The RSI is just near the 50 level and struggling to gain momentum.

Major Support Level – $286

Major Resistance Level – $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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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

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