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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Perfect Buy Dips

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

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Key Highlights

  • ETH price after a minor dip towards $14.80 against the US Dollar found support and recovered.
  • A major connecting bullish trend line at $14.80 (highlighted in yesterday’s post) on the hourly chart of ETH/USD (data feed via SimpleFX) acted as a support.
  • It was a perfect buy dips scenario, and the price may now look to extend gains towards $15.80.

Ethereum price after a minor correction against the US Dollar recovered, and now ETH/USD is looking to challenge the $15.80 resistance.

Ethereum Price Resistance

In yesterday’s post we saw how buying dips near $15.00 remained a good idea in ETH price against the US Dollar. The price did move down to trade near the 38.2% Fib retracement level of the last wave from the $14.30 low to $15.80 high where it found support. More importantly, the price found support around $14.80. There was a connecting bullish trend line at $14.80 on the hourly chart of ETH/USD (data feed via SimpleFX), which acted as a support.

Currently, it looks like the price is struggling to clear the $15.80 resistance. There was another rejection, pushing the pair back below the 23.6% Fib retracement level of the last wave from the $14.64 low to $15.83 high. However, the price is finding bids near the 38.2% Fib retracement level of the last wave from the $14.64 low to $15.83 high at $15.35. I think that there is a chance of a minor dip towards $15.20 before the price attempts another upside move.

Ethereum Price Technical Analysis ETH

On the downside, the trend line support is now at $15.05. As long as the price stays above it, there can be another upside run. A break below it could take the price towards $14.50.

Hourly MACD – The MACD is reducing the bullish zone, as a part of a correction.

Hourly RSI – The RSI is now back above the 50 level, but there is less momentum.

Major Support Level – $15.05

Major Resistance Level – $15.80

 

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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Created by industry experts and meticulously reviewed
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