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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH Could Make Sustained Move Higher 2019-01-07

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

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Key Highlights

  • ETH price corrected lower recently and tested the $147-148 support against the US Dollar.
  • There is a crucial bullish trend line formed with support at $148 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is placed nicely in a bullish zone above $145 and it may continue to rise in the near term.

Ethereum price is consolidating recent gains against the US Dollar and bitcoin. ETH/USD may soon break the $160 resistance and continue to move higher.

Ethereum Price Analysis

Recently, there were bullish moves in ETH price above the $145 support against the US Dollar. The ETH/USD pair traded above the $150 and $154 resistance levels to move into a bullish zone. It even spiked above the $160 level and traded as high as $160.12. Later, it started a downside correction and traded below the $157 support. It also moved below the 23.6% Fib retracement level of the last wave from the $147 low to $160 high.

However, there are many supports on the downside near $154 and $150. Moreover, there is a crucial bullish trend line formed with support at $148 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last wave from the $147 low to $160 high is an intermediate support at $154. Lastly, the 100 hourly simple moving average is also placed near the $151 level. Therefore, there are many supports, starting with $154 and ending with $145. The price is likely to move higher if buyers gain traction above $157 and $160. The next major resistance for buyers is near $165, which is the last major swing low.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is may consolidate in the short term above $145. However, once there is a break and close above $160, there could be heavy gains.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is currently placed above the 50 level.

Major Support Level – $148

Major Resistance Level – $160

 

 

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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
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How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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