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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH/USD Could Accelerate Above $230

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price climbed higher and broke the $222 and $225 resistance levels against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $227 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now placed nicely above the $225 level and it seems like it could continue to move above $230.

Ethereum price is trading with a positive bias against the US Dollar and bitcoin. ETH/USD may gain bullish momentum with a close above the $230-232 zone.

Ethereum Price Analysis

During the past two sessions, there was a nice upside move above the $220 level in ETH price against the US Dollar. The ETH/USD pair gained traction and moved above the $222 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last major downside from the $248 high to $204 low.

It opened the doors for more gains and the price traded above $225. During the upside, there was a break above a crucial bearish trend line with resistance at $227 on the hourly chart of ETH/USD. The pair spiked above the $230 level, but it failed to hold gains. It seems like the 61.8% Fib retracement level of the last major downside from the $248 high to $204 low acted as a strong resistance. The price is currently consolidating in a range above the $225 level and it seems like there could be more gains in the near term. Above $230 and $232, the price may perhaps rise towards the $242 and $245 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price remains supported on dips near $227 and $225. Additionally, the 100 hourly SMA at $222 is also likely to act as a strong support for buyers.

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

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

Major Support Level – $225

Major Resistance Level – $232

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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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