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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Ethereum Price Technical Analysis – Can Recovery Sustain?

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ethereum price enjoyed a decent upside move against the US Dollar, and broke a major resistance area.
  • This past week’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD was broken to open the doors for more gains.
  • The price is currently consolidating in a range, and may be setting up for the next move.

Ethereum price gained bids this past week against the US Dollar, and might be preparing for more upsides moving ahead.

Ethereum Price Range

Ethereum price ETH managed to trade a few points higher this past week against the US dollar and moved above the $10.20 level. The most important point is the fact that buyers broke this past week’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD. The price traded as high as $11.30 where it found sellers and started correcting lower.

A couple of other important points to note include that the price is now above the 100 hourly simple moving average, which is a positive sign. If the ETH/USD pair continues to correct, then it can find bids near the 38.2% Fib retracement level of the last leg from the $9.14 low to $11.30 high.

Ethereum Price Technical Analysis

I think the price is currently consolidating losses, and may be setting up for the next move. The chances of an upside move are more in my opinion looking at the current technical indicators. As long as the price is above the 100 hourly SMA, it may rise once again. On the downside, the most important support after the 100 SMA is the 50% Fib retracement level of the last leg from the $9.14 low to $11.30 high.

Hourly MACD – The MACD is in the bullish zone, which is a bullish sign.

Hourly RSI – The RSI is above the 50 level, calling for more gains.

Major Support Level – $10.40

Major Resistance Level – $11.30

 

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
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