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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Weekly Analysis – ETH/USD Eyeing Upsides

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

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Key Highlights

  • ETH price made a nice upside move towards $13.50 against the US Dollar.
  • There was a break above a monster resistance area at $11.42 on the daily chart (data feed via SimpleFX) of ETH/USD.
  • On the downside, there is a bullish trend line, which may act as a support if the pair dips towards $11.50.

Ethereum price is back in the bullish zone against the US Dollar with a close above $13.00. More gains are possible in ETH/USD moving ahead.

Ethereum Price Upside Break

These past 2-3 days were good for Ethereum price, as it managed to clear a couple of important resistance levels like $11.40 against the US Dollar. The price gained pace once there was a break and managed to settle above the $13.00 handle as well. These all are positive signs, and suggest a positive momentum for the price. It looks like the price may continue to trade higher, and could even break the recent high of $13.60.

On the downside, an initial support on the daily chart is at $12.80. It coincides with the 23.6% fib retracement level of the last wave from the $10.24 low to $13.60 high. So, if the price dips from the current levels, it may find support near $13.00 and $12.80. Furthermore, at $11.50, there is a bullish trend line on the daily chart (data feed via SimpleFX) of ETH/USD. It also coincides with the recent broken resistance at $11.45.

Ethereum Price Weekly Analysis  ETH

So, we can say that there are many support levels on the downside for ETH/USD, and it may bids if corrects lower. If you are a buyer, watch for dips near $13.00 and $12.50. On the upside, a break above $13.60 could take the price towards $14.00.

Daily MACD – The MACD is in the bullish zone with positive signs.

Daily RSI – The RSI is moving into the overbought levels.

Major Support Level – $12.80

Major Resistance Level – $13.60

 

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.

Read more

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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