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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – ETH/USD Eyes Gains above $380

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 made a nice upside move and traded above the $365.00 level against the US Dollar.
  • There is a major bullish trend line forming with support at $366 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might soon retest the recent high of $371.95 and it could even break it.

Ethereum price is moving higher against the US Dollar and Bitcoin. ETH/USD might soon break $380 for further gains in the near term.

Ethereum Price Support

The past two days were mostly bullish for ETH price as it moved above $365 resistance against the US Dollar. The price traded above the $370 level and formed a high at $371.95. Earlier, a downside move was initiated from the $370.50 high and the price traded below the 23.6% Fib retracement level of the last wave from the $325.09 low to $370.12 high. However, the stated move was only a part of a correction as the price found support near $350.

The 50% Fib retracement level of the last wave from the $325.09 low to $370.12 high acted as a major support. Moreover, there is a major bullish trend line forming with support at $366 on the hourly chart of ETH/USD. The trend line support prevented declines below $350 and is currently acting as a major support. The pair is now moving up again and is currently trading above $365. It seems like it will most likely continue to move higher and it could soon break $380.

Ethereum Price Technical Analysis ETH USD

If buyers remain in control, there is a chance of further gains above $380. The next target for buyers could be near $385 where sellers are likely to appear. If all goes well, there can be a test of the $390-395 zone. On the downside, the $365-360 support remains a major buy area.

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

Hourly RSI – The RSI is currently well above the 50 level and moving higher.

Major Support Level – $365

Major Resistance Level – $380

 

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

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