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

Ethereum Price Technical Analysis – ETH/USD to Break Higher?

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price recently corrected lower and found support around the $800-810 area against the US Dollar.
  • The ETH/USD pair is currently attempting an upside break above a bearish trend line at $840 on the hourly chart (data feed via SimpleFX).
  • The pair may continue to trade high as long as it is above the $815 support.

Ethereum price is showing positive signs against the US Dollar and Bitcoin. ETH/USD may rise in the near term with resistances on the upside near $870 and $900.

Ethereum Price Upside Move

There was a failure to break the $870 resistance in ETH price against the US Dollar. The price started a downside correction and traded below $850. It also declined below the 23.6% Fib retracement level of the last wave from the $775 low to $870 high. More importantly, there was a break below the $840 support and the 100 hourly simple moving average.

However, the downside move was protected by the 800-810 support area. Moreover, the 76.4% Fib retracement level of the last wave from the $775 low to $870 high acted as a support and prevented declines. A fresh upside wave was initiated recently and the price moved above $820. It seems like the ETH/USD pair is currently attempting an upside break above a bearish trend line at $840 on the hourly chart. The pair may close above the $840 resistance and it could attempt a run towards $870. However, a break above the $870 resistance won’t be easy in the near term.

Ethereum Price Technical Analysis ETH USD

On the downside, the $820 support is a decent buy zone. If the price fails to stay above the $820 support, it could retest the $800 handle. On the upside, a break above the $870 swing high may call for more upsides towards the $900 level.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $820

Major Resistance Level – $870

 

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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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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