Ethereum Price Analysis: ETH Remains In Strong Uptrend

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.

ETH price is slowly moving higher and it remains well supported near $119 against the US Dollar.
There is a major bullish trend line formed with support at $119 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could dip a few points, but it is likely to find buyers near $119, $118 or $117 in the short term.

Ethereum price is placed nicely in a bullish trend against the US Dollar and bitcoin. ETH/USD may continue to move higher towards $125 and $128 in the coming sessions.

Ethereum Price Analysis

Recently, we saw a short term downside correction from the $125 high in ETH price against the US Dollar. The ETH/USD pair traded below the $122 and $120 support levels. However, the $117-118 area acted as a strong support and prevented further losses. Downsides were contained and later the price moved back above the $119 resistance level. Besides, there was a break above the 50% Fib retracement level of the recent drop from the $125 high to $117 swing low.

The price even spiked above the $121 level and it is currently well above the 100 hourly simple moving average. However, the recent upward move faced sellers near the $122-123 zone. Additionally, the 61.8% Fib retracement level of the recent drop from the $125 high to $117 swing low acted as a resistance. The price is currently placed well above $120 and it seems like it may continue to move higher. On the upside, the main resistances are near the $123 and $125 levels. On the downside, there is a major bullish trend line formed with support at $119 on the hourly chart of ETH/USD.

Looking at the chart, ETH price is clearly trading with a positive bias above $117 and $119. If there are corrective moves, buyers are likely to protect declines below $117. On the upside, a break above $125 might push the price towards the $128 level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently moving in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently just below the 60 level, with a slight bearish angle.

Major Support Level – $119

Major Resistance Level – $123

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.