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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – Buying Dips Worked Again

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum price

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Key Highlights

  • Ethereum price continued to trade higher vs the US Dollar, and traded above the $12.00 level.
  • Yesterday, I suggested buying dips may be a good deal, and it looks like it played well as the price moved higher.
  • There is a now a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a pivot area in the short term.

Ethereum price surged above the $12.00 level, and it looks like ETH/USD bulls gained a lot of momentum. Can they continue to push prices higher?

Ethereum Price Trend Line as Pivot Area

Ethereum price ETH surprised many traders, as there was almost no correction vs the US Dollar as well as Bitcoin, and the price continued to trade higher. There was a nasty upside ride, as ETH broke a couple of major resistance areas easily and even traded above the $12.00 level. Now, the most important question here is whether the price can continue to move higher or will it correct lower and move down?

The answer can be a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted trend line and support area hold a lot of importance, and it is most likely that the price may bounce one more time if ETH/USD tests it. On the other hand, if the ETH sellers manage to break the trend line, then a move towards the 38.2% Fib retracement level of the last wave from the $10.00 low to $12.70 high is possible.

Ethereum Price Technical Analysis

The price is now way above the 100 hourly simple moving average, which is a bit awkward, and could ignite a minor correction. However, you consider buying as long as the price is above the trend line support area.

Hourly MACD – The MACD is strangely showing no action, which is a sign of convergence and a warning.

Hourly RSI – The RSI is around the overbought levels, calling for a minor correction.

Intraday Support Level – $12.00

Intraday Resistance Level – $12.70

 

Charts courtesy of Kraken via Trading View

Image Courtesy of NewsBTC

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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.

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