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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Trading Positive

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
jan

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price regained the bullish traction against the US Dollar, and moved above the $10.20 level.
  • Yesterday’s highlighted connecting bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for more upsides.
  • The price traded as high as $10.27 before starting a correction or we can say consolidation.

Ethereum price traded higher intraday and moved past $10.20 against the USD. Let’s see if ETH/USD can gain more traction today or not.

Ethereum Price Upside Move

There was a start of an upside move in ETH price against the US Dollar yesterday, as the price moved higher. Later, there was further strength noted, taking the price above the $10.00 and $10.20 levels. The price managed to break the 61.8% Fib retracement level of the last decline from the $10.37 high to $9.57 low to open the gates for more gains.

The best part was the break above yesterday’s highlighted connecting bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. Later, there was a move above the 76.4% Fib retracement level of the last decline from the $10.37 high to $9.57 low as well. So, we can say that there was an upside break, taking the price as high as $10.27.

Ethereum Price Technical Analysis

At the moment, the price is consolidating and trading in a range. There is a chance of a correction lower in the short term towards $10.10-10.00. The ETH/USD pair may even test the 23.6% Fib retracement level of the last wave from the $9.57 low to $10.27 high. However, the most important support on the downside remains near the broken trend line. In short, it looks like the price remains buy on dips, and one may look for a break above $10.27 going forward.

Hourly MACD – The MACD is back in the bullish zone, suggesting positive signs.

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

Major Support Level – $10.00

Major Resistance Level – $10.30

 

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

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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