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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Technical Analysis – Can ETH/USD Hold This? 2018-04-17

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price is trading near a major support at $495-500 against the US Dollar with positive signs.
  • There is an important bullish trend line forming with support at $500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $495 support and the 100 hourly simple moving average to continue higher.

Ethereum price is holding gains against the US Dollar and Bitcoin. ETH/USD is currently above $500 and is eyeing an upside break in the near term.

Ethereum Price Trend

There was a minor downside reaction in ETH price after it made a new monthly high at $538.34 against the US Dollar. The price declined and traded below the $525 support to test the $500 zone. During the decline, there was a break below the 50% Fib retracement level of the last leg from the $481 low to $538 high. However, the downside move was protected by the $500 support zone and the 100 hourly simple moving average.

Moreover, there is also an important bullish trend line forming with support at $500 on the hourly chart of ETH/USD. The trend line support at $500 and 100 hourly SMA are strong supports on the downside. At the moment, the price is trading near the 23.6% Fib retracement level of the last decline from the $538 high to $497 low. To initiate a fresh upside wave, buyers need to break the $515-517 resistance area. The stated $517 level is the 50% Fib retracement level of the last decline from the $538 high to $497 low. A successful push above the $517 level will most likely take the price towards $540 in the near term.

Ethereum Price Technical Analysis ETH USD

Looking at the chart, there are many positive signs since the price is holding the $500 level and the 100 hourly SMA. A break below 100 hourly SMA may perhaps drag the price towards $480.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $500

Major Resistance Level – $517

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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

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

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