Ethereum Price Technical Analysis – ETH About To Burst?

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ethereum price continued to trade with a bullish bias vs the US Dollar, and may test my final target of $15.00 soon.
Once again, my yesterday’s idea of buying dips worked, and the price bounced after a minor dip.
The highlighted bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD is still in play and may continue to provide support.

Ethereum price gained further and is about to reach $15.00. We need to wait and see reaction of ETH/USD if it tests the mentioned level.

Ethereum Price Trend Line Support

Ethereum price ETH dipped a few points yesterday, but managed to find bids and started to move higher once again. I highlighted yesterday that as long as ETH/USD is above a bullish trend line formed on the hourly chart (data feed via Kraken), it may continue to move higher. I think the price may test the $15.00 level before it can start a major correction or a downside move. The stated level holds a lot importance, and the ETH bulls must be careful in the short term.

The price is currently trading near the $14.49, and I think it is about to burst and test the $15.00 area. Let’s wait and see how it trades in the near term. On the downside, and initial support is around the 23.6% Fib retracement level of the last wave from the $11.70 low to $14.49 high, which holds the key, as the highlighted bullish trend line is also positioned near it.

A break of the highlighted bullish trend line support may call for a short term trend change.

Hourly MACD – The MACD is in the bullish zone, pointing towards more upsides.

Hourly RSI – The RSI is above the 50 level, signaling the fact that ETH buyers are in control at the moment.

Intraday Support Level – $13.80

Intraday Resistance Level – $14.50

Charts courtesy of Kraken via Trading View

Header Image via NewsBTC

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.

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.
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