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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH Bullish In Short Term Above $106

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

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  • ETH price recovered recently and broke the $105, $106 and $109 resistance levels against the US Dollar.
  • Yesterday’s highlighted important bearish trend line was breached with resistance near $106 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now placed nicely above the $106 level and it could recover towards the $113 or $114 level.

Ethereum price started a short term correction against the US Dollar and bitcoin. ETH/USD remains supported for a recovery towards the key $114 resistance level in the near term.

Ethereum Price Analysis

After trading as low as $101, ETH price started trading in a range above $103 against the US Dollar. The ETH/USD pair formed a couple of breakout patterns with resistance near the $105 and $106 levels. Finally, there was an upside move and the price broke the $106 resistance. Buyers pushed the price above the 50% Fib retracement level of the last drop from the $115 swing high to $101 swing. Moreover, the price traded above the $106 level and the 100 hourly simple moving average.

Besides, yesterday’s highlighted important bearish trend line was breached with resistance near $106 on the hourly chart of ETH/USD. The pair spiked above the $109 and $110 resistance levels and later corrected lower. It is currently testing the 23.6% Fib retracement level of the recent wave from the $103 low to $111 high. However, there are many supports on the downside near the $107 and $106 levels. More importantly, the 100 hourly simple moving average is near the $107 level. The 50% Fib retracement level of the recent wave from the $103 low to $111 high is also near $107.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price may dip a few points in the short term, but it remains supported near $107 and $106. It seems like the price could recover towards the $113 and $114 resistances, where sellers are likely to emerge.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back in the bearish zone.

Hourly RSI – The RSI for ETH/USD is placed nicely above the 60 level, with positive signs.

Major Support Level – $107

Major Resistance Level – $114

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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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