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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/USD Eyeing Upsides

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price is slowly moving higher and recently broke the $312 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $308 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is about to dip or correct lower, but remains supported above the $305 level.

Ethereum price is slowly gaining pace against the US Dollar and Bitcoin. ETH/USD is now well above $305 and looking to extend gains.

Ethereum Price Trend

There was a decent upside move in ETH price from $297 against the US Dollar. The price gained pace and moved above the $307 level and the 100 hourly simple moving average. The current wave is positive above the 50% Fib retracement level of the last decline from the $326 high to $288 low. At present, the price is attempting a close above a bearish trend line with resistance at $313.

If buyers succeed in gaining momentum above $315, there can be more upsides above $320. On the downside, there is a major bullish trend line forming with support at $308 on the hourly chart of ETH/USD. An initial support is around the 23.6% Fib retracement level of the last wave from the $301.45 low to $316.30 high. However, the most important support is near $305-307 and the 50% Fib retracement level of the last wave from the $301.45 low to $316.30 high.

Ethereum Price Technical Analysis ETH USD

The current price action is positive above $305, but buyers need to push the price above $320. If they fail, there is a chance of a downside reaction back towards $300. On the upside, if there is a break above $320, the price could test the $326-328 area. Any further gains depend on whether ETH/USD can move above $330 or not.

Hourly MACD – The MACD is slowly moving in the bullish slope.

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $307

Major Resistance Level – $320

 

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.

Read more

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

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