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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 Remains Buy on Dips

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
The highest standards in reporting and publishing
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Key Highlights

  • ETH price is grinding higher and it recently moved above the $1150 resistance against the US Dollar.
  • There is a key bullish trend line forming with support at $1145 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair remains supported on the downside above $1120, and it may continue to rise in the near term.

Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD is likely to extend gains above the $1200 and $1250 level.

Ethereum Price Support

There was a start of a fresh upside wave in ETH price above the $1120 level against the US Dollar. The price gained pace and was able to move above the $1150 and $1200 resistance levels. It even traded above the $1220 level and formed a high at $1229. Later, a downside correction was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $1078 low to $1229 high.

On the downside, there is a key bullish trend line forming with support at $1145 on the hourly chart of ETH/USD. At the moment, the pair is testing the 50% Fib retracement level of the last wave from the $1078 low to $1229 high. It is finding bids near the $1155-60 support area. It seems like the current price action is bullish above the $1120 level. The trend line support at $1145 may be considered as a major buy zone in the short term. As long as the pair is above the $1120 pivot level, it remains in an uptrend.

Ethereum Price Technical Analysis ETH USD

On the upside, an initial resistance is near the $1200 level. A break above $1200 could push the price towards $1225-30 in the near term.

Hourly MACD – The MACD is back in the bullish zone.

Hourly RSI – The RSI is currently around the 50 level and is showing positive signs.

Major Support Level – $1120

Major Resistance Level – $1200

 

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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