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

Ethereum Price Weekly Analysis – ETH/USD’s Upsides Capped

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

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Key Highlights

  • ETH price is trading below the $309 resistance and the 100 simple moving average (H4) against the US Dollar.
  • There is a major bearish trend line forming with resistance at $302 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair has to break the $302 resistance the 100 SMA (H4) to move back in the bullish zone.

Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin. ETH/USD has to stay above $288 to gain upside momentum.

Ethereum Price Support

This past week was mostly neutral for ETH price above $280 against the US Dollar. The price was seen recovering towards $305-310, but sellers managed to defend further upsides and pushed the price down. At present, the price is consolidating in a range above $288 and preparing for the next move. There was a ride towards $309.50, but the price failed to break the 100 simple moving average (H4).

It moved down once again and broke the 38.2% Fib retracement level of the last wave from the $272.62 low to $309.42 high. However, the downside move was protected by the $292-290 support area. Moreover, the 50% Fib retracement level of the last wave from the $272.62 low to $309.42 high also acted as a support. It seems like the price might continue to trade in a range before the next move. On the upside, there is a major bearish trend line forming with resistance at $302 on the 4-hours chart of ETH/USD.

Ethereum Price Weekly Analysis ETH USD

The trend line resistance near $302-304 is also close to the 100 SMA (H4). That’s why a break above the $302 and $309 levels are required for buyers to gain momentum. On the other hand, a break of the $288 support would call for more declines back towards $272.

4-hours MACD – The MACD is almost flat in the bearish zone.

4-hours RSI – The RSI is currently just below the 50 level.

Major Support Level – $288

Major Resistance Level – $309

 

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

Ad discliamer

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