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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Weekly Analysis: ETH Skyrockets, Dips Remain Supported

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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  • ETH price formed a solid support at $100 and started a strong uptrend against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $104 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair traded as high as $122 and it is currently consolidating gains with range moves.

Ethereum price climbed higher sharply versus the US Dollar and Bitcoin. ETH/USD is now placed in a bullish zone above the $114 and $112 support levels in the near term.

Ethereum Price Analysis

This past week, we saw a fresh drop in ETH price towards the $102 and $100 support levels against the US Dollar. The ETH/USD pair found a strong buying interest near the $100 level and later started a strong upward move. It broke many resistances such as $104, $107, $112, $114 and $116. More importantly, there was a close above the $112 barrier and the 100 simple moving average (4-hours). It seems like a double bottom pattern was formed at $100, resulting in a bullish break above $110.

Moreover, there was a break above a crucial bearish trend line with resistance at $104 on the 4-hours chart of ETH/USD. The pair traded towards the $125 level and formed a high near $122. Later, the price started consolidating gains below the $120 level. It tested the 23.6% Fib retracement level of the last wave from the $100 low to $122 high. The current price action is positive above the $116 level. If there is a downside extension, the price may test $114 and the 100 simple moving average (4-hours). Besides, the 50% Fib retracement level of the last wave from the $100 low to $122 high is also near $111 level to act as a strong support.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is now placed nicely in a bullish zone above the $114 and $112 support levels. On the upside, the key resistances are $124, $125 and $132.

Technical Indicators

4-hours MACD – The MACD for ETH/USD is slowly reducing its bullish slope.

4-hours RSI – The RSI for ETH/USD is currently well above the 60 level.

Major Support Level – $114

Major Resistance Level – $124

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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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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