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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum Price Technical Analysis – ETH Showing Positive Signs

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

  • Ethereum price started recovering against the US Dollar, and managed to improve by a fair margin.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD was broken, which opened the doors for more gains.
  • The price is now well above the 100 hourly simple moving average, which can be considered as a buy zone.

Ethereum price climbed higher, and finally started recovering. Can it continue trading higher or will it move down?

Ethereum Price Recovery

Ethereum price ETH climbed higher against the US Dollar, and gained by more than $3. There was a nice upside move in ETH/USD, taking it above the 100 hourly simple moving average. The price even managed to break yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD.

All in all, there were a lot of bullish signs, but is it the right time to jump in? Well, I think the price is not yet stable. This can be only a recovery, and it will be very hard to say that the price may move further higher. Currently, the price trading near the 38.2% Fib retracement level of the last drop from the $21.10 high to $10.13, which is acting as a resistance area.

Ethereum Price Technical Analysis

There was a good reaction from the ETH bears around the stated fib level. So, there is a chance of a minor dip from the current levels. On the downside, the 100 hourly simple moving average can be seen as a support area, and may act as a barrier for sellers.

Hourly MACD – The MACD is now in the bullish area, calling for more gains in ETH in the short term.

Hourly RSI – The RSI around the overbought levels, suggesting a minor correction is possible.

Major Support Level – $10.15

Major Resistance Level – $12.40

 

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

Ad discliamer

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