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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Technical Analysis – ETH/USD Bullish Formation

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
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Key Highlights

  • ETH price gained pace after a correction towards the $10.35 support against the US Dollar.
  • This week’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) is still acting as a resistance near $10.65.
  • The price may once again correct a few points down before making an attempt to break $10.65.

Ethereum price is back in the bullish zone after a mild correction against the US Dollar, and it looks like ETH/USD may break $10.65 soon.

Ethereum Price Resistance

There was a minor correction initiated in ETH price against the US Dollar towards $10.35. The price found support near the stated level and started to move higher once again. It looks like the price completed a correction since the bounce was from the 61.8% Fib retracement level of the last wave from the $10.25 low to $10.52 high. During the upside move, the price broke the $10.40 resistance.

Moreover, there was a break above yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $10.45. However, the upside move was stalled near this week’s highlighted connecting resistance trend line on the same chart at $10.65. The price struggled to clear it, and once again moved down to correct lower. It is testing the 23.6% Fib retracement level of the last wave from the $10.25 low to $10.65 high, which is a support.

Ethereum Price Technical Analysis

If there is an extension of the correction, then the $10.45 support may be tested. Moreover, the 38.2% Fib retracement level of the last wave from the $10.25 low to $10.65 high might also act as a support at $10.50. In short, the price may find support and could make an attempt to break $10.65.

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

Hourly RSI – The RSI is well above the 50 level, and remains supported.

Major Support Level – $10.45

Major Resistance Level – $10.65

 

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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