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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point
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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point

Ethereum Price Technical Analysis – ETH/USD To Retest $750?

Aayush Jindal
Aayush Jindal
Last Updated: October 7, 2020 11:27 am
2 mins read

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Key Highlights

  • ETH price is moving back higher after testing the $670 support zone against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $702 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair might continue to move higher and it could even test the most important resistance at $750-760.

Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD might continue to rise towards the next major resistance at $750.

Ethereum Price Upside Hurdle

There were further declines in ETH price below the $700 level against the US Dollar. The price declined below the $675 level and tested the $670 support zone. A low was formed at $663 from where an upside wave was initiated. During the upside move, the price was able to break the 23.6% Fib retracement level of the last drop from the $761 high to $663 low.

Moreover, there was a break above a key bearish trend line with resistance at $702 on the hourly chart of ETH/USD. The pair gained upside momentum and was able to move above the 50% Fib retracement level of the last drop from the $761 high to $663 low. At the moment, the pair is attempting a close above the 100 hourly simple moving average and the $718 resistance. Once the pair settles above the 100 hourly SMA, there can be a break above $725.

Ethereum Price Technical Analysis ETH USD

ETH buyers need to push the price above the 61.8% Fib retracement level of the last drop from the $761 high to $663 low. Once they succeed, there are high chances that the price will test the $750 resistance. Above $750, the price could even test the $761 swing high.

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

Hourly RSI – The RSI has moved above the 50 level, which is a positive sign.

Major Support Level – $700

Major Resistance Level – $750

 

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

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