Ethereum Price Technical Analysis – ETH/USD Remains Buy on Dips

Aayush Jindal

1 year ago

2 mins read

Ethereum Price Technical Analysis ETH USD

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Key Highlights

ETH price is grinding higher and it recently moved above the $1150 resistance against the US Dollar.
There is a key bullish trend line forming with support at $1145 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair remains supported on the downside above $1120, and it may continue to rise in the near term.

Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD is likely to extend gains above the $1200 and $1250 level.

Ethereum Price Support

There was a start of a fresh upside wave in ETH price above the $1120 level against the US Dollar. The price gained pace and was able to move above the $1150 and $1200 resistance levels. It even traded above the $1220 level and formed a high at $1229. Later, a downside correction was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $1078 low to $1229 high.

On the downside, there is a key bullish trend line forming with support at $1145 on the hourly chart of ETH/USD. At the moment, the pair is testing the 50% Fib retracement level of the last wave from the $1078 low to $1229 high. It is finding bids near the $1155-60 support area. It seems like the current price action is bullish above the $1120 level. The trend line support at $1145 may be considered as a major buy zone in the short term. As long as the pair is above the $1120 pivot level, it remains in an uptrend.

On the upside, an initial resistance is near the $1200 level. A break above $1200 could push the price towards $1225-30 in the near term.

Hourly MACD – The MACD is back in the bullish zone.

Hourly RSI – The RSI is currently around the 50 level and is showing positive signs.

Major Support Level – $1120

Major Resistance Level – $1200

Charts courtesy – SimpleFX

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.
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