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Home Technical analysis

Ethereum Price Technical Analysis – Big Picture In ETH/USD

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis, Cryptocurrency news
Reading Time: 2min read
Ethereum Price Technical Analysis
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Key Highlights

  • ETH price mostly traded in a range this past couple of weeks against the US Dollar.
  • If we have a look at the weekly chart (data feed via SimpleFX) of ETH/USD, there is a broader range formed.
  • On the upside, there is a major resistance near $15.00, and on downside $7.00-20 is a support.

Ethereum price looks like forming a monster range on the weekly time frame chart versus the US Dollar, which may stay for some time.

Ethereum Price Range

Ethereum price ETH surprised many traders recently with its ranging moves against the US Dollar. The fact is that there is no major reason for the ETH investors to make big moves. The ETH/USD pair was mostly seen trading in a range, and may continue to do so in the near term. If we have a look at the weekly chart (data feed via SimpleFX) of ETH/USD, then there are a few things to note.

First, there is a broad range formed. On the upside, the $15.00 level is acting as a resistance. On the downside, the $7.20-00 levels are providing support. There are many spikes on both the range high and low. Both are playing their role well and preventing the range to break. On the downside, the range support also coincides with the 61.8% Fib retracement level of the last wave from the $0.005 low to $21.27 high. So, it holds a lot of importance in my opinion.

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Ethereum Price Technical Analysis

On the upside, the $14.80-15.00 levels are acting as a monster resistance. The ETH bulls failed on many occasions to break it. In my view, we can witness more ranging moves in the short term before the price heads higher.

Weekly MACD – The MACD is placed in the bullish zone, which is a positive sign.

Weekly RSI – The RSI is just above the 50 level, and is almost flat.

Major Range Support Level – $7.20

Major Range Resistance Level – $14.80

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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