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Ethereum Price Weekly Analysis – ETH/USD To Surge Higher?

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price surged higher and moved above the $480 resistance zone against the US Dollar.
  • There is a new key bullish trend line forming with support at $460 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains in a nice uptrend and it may continue to trade higher towards the $575 level.

Ethereum price is gaining upside momentum versus the US Dollar and Bitcoin. ETH/USD is placed nicely above $480-485 and is eyeing more upsides.

Ethereum Price Support

There was an important reversal signal formed from the $388 pivot in ETH price against the US Dollar. The price started an upside move and broke a few key barriers such as $450 and $480. It even moved above the $500 level and traded as high as $530.62. It is now trading well above the $480 pivot level and the 100 simple moving average (4-hours), which is a positive sign.

Recently, the price corrected lower and traded below the 23.6% Fib retracement level of the last wave from the $418.50 low to $530.62 high. However, the downside move was limited by the $480-485 support zone. Moreover, the 38.2% Fib retracement level of the last wave from the $418.50 low to $530.62 high also acted as a support. On the downside, there is also a new key bullish trend line forming with support at $460 on the 4-hours chart of ETH/USD. Therefore, the pair is well supported above the $460 level and the 100 simple moving average (4-hours).

Ethereum Price Weekly Analysis ETH USD

The above chart suggests that as long as the price is above $460, it remains in an uptrend. On the upside, the price must break the recent high at $530 to start a fresh upside wave. The next hurdles on the upside above $530 is close to the $575 level.

4-hours MACD – The MACD is currently showing positive signs.

4-hours RSI – The RSI is currently well above the 60 level.

Major Support Level – $460

Major Resistance Level – $530

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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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