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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Ethereum Price Technical Analysis – ETH/USD Bullish Above $840

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

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Key Highlights

  • ETH price was able to move higher recently and it traded above the $850 resistance against the US Dollar.
  • There are two key bullish trend lines forming with support at $840 and $790 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently correcting lower, but it remains supported above the $840 level.

Ethereum price gained solid bullish momentum against the US Dollar and Bitcoin. ETH/USD is now eyeing further gains above the $860 level.

Ethereum Price Support

Yesterday, we saw a solid upside move in ETH price above the $850 level against the US Dollar. The price traded to a new all-time high at $879.51 before it started a downside correction. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $724 low to $879 high. There are very less chances of a substantial correction from the current levels below $810.

On the downside, there are two key bullish trend lines forming with support at $840 and $790 on the hourly chart of ETH/USD. The pair is currently consolidating above the first trend line and support at $840. It seems like the pair is preparing for more gains above $879. Once there is a break above the $879 high, the price could attempt a test of the $900 handle in the near term.

Ethereum Price Technical Analysis ETH USD

In terms of the support, the trend line support at $840 is important. Below $840, the price may test the 50% Fib retracement level of the last wave from the $724 low to $879 high at $801. Therefore, it is safe to say that ETH/USD remains well bid on the downside near $840 and $805.

Hourly MACD – The MACD is currently reducing the bullish slope, but remains nicely placed.

Hourly RSI – The RSI is currently moving lower from 65 towards the 50 level.

Major Support Level – $840

Major Resistance Level – $879

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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