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Ethereum Price Technical Analysis – ETH/USD Slides Below $680 2018-03-12

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum

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Key Highlights

  • ETH price formed a bottom near $650 and moved higher above $700 against the US Dollar.
  • There is a key breakout pattern forming with resistance at $730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break and settle above $730 and $750 to gain upside momentum in the near term.

Ethereum price started a nice upside move against the US Dollar and Bitcoin. ETH/USD could rise further if it manages an hourly close above $730-750.

Ethereum Price Resistance

After a major downside move, there was a support base formed near $750 in ETH price against the US Dollar. The price started an upside move and traded above the $680 and $700 resistance levels. It even settled above the $700 level, which is a positive sign. A high was formed at $737 from where the price started consolidating in a range pattern.

It already tested the 23.6% Fib retracement level of the last wave from the $651 low to $737 high.  It seems like there is a key breakout pattern forming with resistance at $730 on the hourly chart of ETH/USD. The pair may continue to trade inside the triangle with support at $710. If the price fails to hold the $710 support, the next support could be $690. Moreover, the 50% Fib retracement level of the last wave from the $651 low to $737 high is near $694 to act as a support.

Ethereum Price Technical Analysis ETH USD

On the other hand, if the pair breaks the $730 resistance, it could even break $750. A proper close above the $730 and $750 levels is needed for more gains. Above $750, the next immediate resistance is near the $770 level, which is also a pivot zone.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is now placed nicely above the 50 level with a few positive signs.

Major Support Level – $710

Major Resistance Level – $750

 

Charts courtesy – 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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