Ethereum Price Analysis: ETH/USD Turned Buy on Dips

Aayush Jindal

1 year ago

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Highlights

ETH price surged higher and broke a key resistance near $210 against the US Dollar.
This week’s followed important bearish trend line was breached near $209 on the hourly chart of ETH/USD (data feed via Kraken).
The pair traded towards the $230 level and it is currently correcting lower in the near term.

Ethereum price is positioned for more gains against the US Dollar and bitcoin. ETH/USD could correct lower, but dips towards $416 and $412 remains supported.

Ethereum Price Analysis

Recently, there was a consolidation phase formed below the $212 and $216 resistances for ETH price against the US Dollar. The ETH/USD pair formed a decent support base near the $207 level and later started an upside move. It broke many resistances during the rise such as $210, $212 and $216. The price also settled above the $210 level and the 100 hourly simple moving average.

More importantly, this week’s followed important bearish trend line was breached near $209 on the hourly chart of ETH/USD. The pair even broke the $220 resistance and traded towards the $230 level. A new intraday high was formed at $229.88 before the price started a downside correction. At present, the price is treading near the $220 level. It is close to the 23.6% Fib retracement level of the last wave from the $197 low to $229 high. If there is a downside extension, the price could test the previous resistance near $216. It is above the 50% Fib retracement level of the last wave from the $197 low to $229 high.

Looking at the chart, ETH price trading with a bullish bias above the $216 level. Any correction from the current levels is likely to find support near $216 and $213. On the upside, a break above the $228 and $230 resistance could push the price towards $240.

Hourly MACD – The MACD is gaining strength in the bullish zone.

Hourly RSI – The RSI is well above the 60 level.

Major Support Level – $216

Major Resistance Level – $228

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.

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.