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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ethereum Price Technical Analysis – Continuous Gains In ETH

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ethereum price showed no mercy to the sellers’ vs the US Dollar, as it continued to rocket higher.
  • A new high was formed in ETH/USD, as the price surged above the $17.00 level.
  • Looking at 4-hours chart (data feed via Kraken) of ETH/USD, the technical indicators are around overbought levels, which is a warning sign.

Ethereum price surge continued intraday vs the US Dollar. It looks like ETH/USD may be boosted further, but I suggest trading with caution.

Ethereum Price Overbought?

Ethereum price ETH made a new high against the US dollar for the second time in a new this week, as ETH/USD traded as high as $17.78. There was an upside thrust taking the price higher. Furthermore, there was a lot of buying interest noted recently for crypto currencies, as BTC and ETH both were seen moving higher.

If we look at the 4-hours chart (data feed via Kraken) of ETH/USD, then there was a break above a bearish trend line. The highlighted break opened the doors for sharp gains in ETH, taking it above the $17.00 level. More importantly, as mentioned yesterday, the price moved above the $15.00 level, which was a crucial resistance and may now act as a support zone.

Ethereum Price Technical Analysis

Currently, the technical indicators are in the overbought levels, which is a warning sign for the bulls. There can be a correction anytime in ETH/USD. So, I suggest trading with caution in the short term, as there is a chance of a down move. Only consider buying if you are placing a tight stop for your trade, or better wait for a major correction to enter into a trade.

Hourly MACD – The MACD is strongly placed in the bullish zone, pointing towards the buyer’s strength.

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

Major Support Level – $16.80

Major Resistance Level – $17.75

 

Charts courtesy of Kraken via Trading View

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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