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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Technical Analysis – ETH Buyers Need Encouragement

Aayush Jindal
Aayush Jindal
8 years ago
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • ETH price gained bids once again on the downside against the US Dollar and Bitcoin, and currently moving higher.
  • The ETH/USD pair is currently attempting to break a bearish trend line formed on the hourly chart (data feed via SimpleFX).
  • The ETH bulls are struggling to gain momentum, and I think they need encouragement for a push higher.

Ethereum price is trading higher, but remains below a major resistance. A move above $12.00 is needed for an extended upside wave.

Ethereum Price Resistance

Ethereum price after a move towards the $11.70 against the US Dollar found support and managed to gain bids. There was a nice upside move, as the price managed to clear the 100 hourly simple moving average. The ETH/USD pair also bounced from the 50% Fib retracement level of the last wave from the $11.50 low to $11.96 high at $11.70. The stated level acted as a support previously as well, so it was not a surprise this time.

A close above the 100 hourly simple moving average is important, but we cannot discard the fact that the price is still below a major resistance area. There is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a resistance and preventing gains. The same trend line prevented upsides on more than two occasions, as the buyers struggled to break it.

Ethereum Price Technical Analysis

It would be interesting to see whether the buyers can manage to clear it this time or not. I doubt, since there is no major catalyst at present for a sustained move higher. However, if something hit news wires, it may encourage the buyers for a move higher.

Hourly MACD – The MACD is currently in the bullish zone, but losing momentum.

Hourly RSI – The RSI is still above the 50 level, which is a positive sign.

Major Support Level – $11.70

Major Resistance Level – $12.00

 

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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