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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Weekly Analysis – Is This A Change In Trend?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum price

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Key Highlights

  • Ethereum price surged higher this past week vs the US Dollar and traded as high as $14.88 where it found sellers.
  • I was expecting the price to test the $15.00 level, but it looks like there was a minor miss.
  • There was a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which was broken during the downside move.

Ethereum price blasted higher this past week vs the USD, but it looks like a short term top is formed in ETH/USD around $14.88 level.

Ethereum Price – Down Move Likely?

Ethereum price ETH was in an uptrend during the most part of this past week vs the US Dollar, as it continued to trade higher. There was a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which continued to act as a support area and pushed the price higher. However, after trading as high as $14.88, there were offers presented and the price moved down.

The highlighted bullish trend line and support area was broken to open the doors for more losses in the near term. The price also closed below the 23.6% Fib retracement level of the last move from the $10.00 low to $14.88 high. However, ETH is currently finding bids near the 100 hourly simple moving average, which is acting as a hurdle for sellers.

Ethereum Price Weekly Analysis

We need to see how long the price stays around the 100 hourly SMA. A close below it may open the doors for more losses in the near term, and might call for a change in the trend from bullish to bearish.

Hourly MACD – The hourly MACD is about to move in the bearish slope, which may ignite a downside move.

Hourly RSI – The RSI is below the 50 level, calling for a correction in the short term.

Intraday Support Level – $12.40

Intraday Resistance Level – $14.00

 

Charts courtesy of Kraken via Trading View

Image Courtesy of NewsBTC

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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