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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH Bouncing From Support

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
The highest standards in reporting and publishing
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Key Highlights

  • ETH price moved down a few points versus the US Dollar, but found bids near a major support.
  • This week’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD continued to act as a barrier for the sellers.
  • The price is currently bouncing from the trend line support and looks set for more gains.

Ethereum price after a minor correction against the US Dollar found support near a trend line and currently trading back higher.

Ethereum Price Upside Move

Ethereum price remained lower yesterday against the US Dollar until it found support near a major technical level. I am tracking a major bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD this week. It acted as a support on many occasions and provided bids. Yesterday, the price once again tested the same trend line. However, the ETH bulls successfully managed to defend the downside move.

Moreover, the 38.2% Fib retracement level of the last wave from the $11.15 low to $12.12 high also played a major role. It all formed a major support and acted as a barrier for sellers. This was not all, as the 100 hourly simple moving average was also around the same trend line support. The price is again moving back higher and may gain further.

Ethereum Price Technical Analysis

On the upside, the $11.90-12.00 area is acting as a resistance and protecting gains. A break above is needed for a push back towards the last swing high of $12.12. In my view, as long as the trend line holds, ETH/USD could break $12.00. Buying may be considered but with caution and a tight stop.

Hourly MACD – The MACD is currently moving back in the bullish zone, which is a positive sign.

Hourly RSI – The RSI is now back above the 50 level, calling for upsides.

Major Support Level – $11.74

Major Resistance Level – $12.00

 

Charts courtesy – SimpleFX

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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

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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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