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Ethereum Price Technical Analysis – Wait And Watch Mode

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

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Key Highlights

  • Ethereum price after the recent assault against the US Dollar started to catch bids near $10.20 against the US Dollar.
  • There is a contracting triangle pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may provide us the next break.
  • A break above it might take the price higher, and could ignite a larger recovery.

Ethereum price remained under a lot of pressure, but if the sentiment remains stable, there is a chance of a minor correction in the near term.

Ethereum Price Break

Ethereum price ETH looks like stable now against the US Dollar after a sharp decline due to the DAO attack recently. The price traded below the $11.00 support area and almost tested the $10.0 handle. The price already started a correction, and traded as high as $13.78 where it found sellers again.

It would be interesting to see how the price trades in the near term, as there is a contracting triangle pattern formed on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted pattern may play a major role in the near term. A break above the triangle might call for a larger recovery in ETH/USD, and on the other hand, if the price breaks down, then there is a chance of a test of $10.00.

Ethereum Price Technical Analysis

The price is also below the 23.6% Fib retracement level of the last drop from the $21.10 high to $10.13 low. Only a break above the stated fib level could push the price back higher and towards the 50% Fib retracement level of the same wave.

Hourly MACD – The MACD is slowly moving into the bullish zone, which is a positive sign for the bulls.

Hourly RSI – The RSI is just above the 50 level, suggesting that the price may attempt to move higher.

Major Support Level – $12.00

Major Resistance Level – $12.80

 

Charts courtesy of Kraken via Trading View

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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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