Ethereum Price Technical Analysis – ETH/USD Buy Dips?

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price is slowly trading higher against the US Dollar, but the momentum is very less.
There was a short-term bearish line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken recently.
The price also closed above the 100 hourly simple moving average, which is a positive sign.

Ethereum price is currently gaining bids and attempting a move higher. It looks like the ETH/USD pair remains a good buy on the downside.

Ethereum Price Support

ETH price recently found support near $7.90 against the US Dollar on many occasions before starting an upside move. During the upside move, there was a break above a couple of important resistance levels. First, the price closed above the 23.6% Fib retracement level of the last decline from the $8.66 high to $7.87 low. Second, there was a break above a short-term bearish line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

Third, the price closed above the 100 hourly simple moving average. All these are positive signs and suggest that there is a chance of ETH/USD gaining momentum in the near term. It is also important to note that the pair recently failed near the 50% Fib retracement level of the last wave from the $7.06 low to $8.68 high. There were more than two attempts to break the stated level, but sellers failed.

As a result, there was an upside move, taking the price above a couple of crucial hurdles. However, the pair needs to gain momentum, else there can be another dip. In my view buying dips as long as the price is above $7.90 may be considered in the short term.

Hourly MACD – The MACD is currently in the bullish slope.

Hourly RSI – The RSI bounced from the 50 level, and heading north.

Major Support Level – $7.90

Major Resistance Level – $8.60

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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