Ethereum Price Technical Analysis – ETH/USD Starts Bull Trend

Aayush Jindal

1 year ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Highlights

ETH price after correcting lower against the US Dollar towards $10.30 found support, and traded higher.
There is a connecting resistance trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX), which is currently acting as a resistance near $10.56.
The price may break it soon for further gains in the short term towards $10.65.

Ethereum price moved back above the $10.40 level against the US Dollar, and it looks like ETH/USD may trade further higher towards $10.65-10.70.

Ethereum Price Rising Momentum

There was a correction wave initiated yesterday in ETH price against the US Dollar, taking it towards $10.30. The price found support managed to gain bids. The price traded towards the 61.8% Fib retracement level of the last wave from the $10.20 low to $10.52 high. It found support at $10.30-10.35 and started moving back higher. During the upside, the price broke the $10.40 resistance to start a trend.

The price is currently trading near a connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX). It has a resistance near $10.56, which is currently protecting more upsides. The price is likely to break it soon, and attempt a move towards $10.60-10.65. It may also test the 1.618 extension of the last decline from the $10.53 high to $10.29 low.

If the current momentum stays intact, there is a high chance of it ETH gaining further momentum towards $10.65. On the downside, the $10.45 level can be seen as an initial support. The next support is at $10.40, and the most important one is at $10.30. Buying dips near $10.40 can be considered as long as the momentum is intact.

Hourly MACD – The MACD is strongly placed in the bullish slope, and gaining momentum.

Hourly RSI – The RSI is heading south and well above the 50 level.

Major Support Level – $10.45

Major Resistance Level – $10.65

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.
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.