Ethereum Price Technical Analysis – ETH Attempting To Recover

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.

Key Highlights

Ethereum price after collapsing this past week vs the US Dollar started to recover.
The ETH bulls are currently attempting to clear a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a resistance.
The price is now above the 100 hourly simple moving average, which is a positive sign.

Ethereum price this week past week weakened, but it looks like ETH/USD found support near an important support of $10.20-00.

Ethereum Price Recovery

Ethereum price ETH started to decline this past week vs the US Dollar and traded as low as $10.29 where the ETH bulls just managed to find bids. A recovery started over the weekend, and there was a minor upside move, which pushed the price above the 38.2% Fib retracement level of the last drop from the $14.40 high to $10.29 low. However, the price is currently trading near a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a barrier for more gains.

One positive sign for the ETH bulls is the fact that the price is above the 100 hourly simple moving average. So, if they manage to break the trend line and resistance area, then a move towards the 61.8% Fib retracement level of the last drop from the $14.40 high to $10.29 low is possible.

If they fail, then a move down towards the 100 SMA is likely. I think there should be an attempt to break the trend line and resistance, which can be seen as a buying opportunity with a stop below the 100 hourly SMA.

Hourly MACD – The MACD is about to change the slope to the bullish zone, which is a positive sign.

Hourly RSI – The RSI is above the 50 level, calling for more gains.

Intraday Support Level – $11.76

Intraday Resistance Level – $12.50

Charts courtesy of Kraken via Trading View

Header Image NewsBTC

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.