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Ethereum Price Technical Analysis – ETH/USD To Gain Traction? 2018-04-04

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
ethereum technical analysis

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Key Highlights

  • ETH price moved higher and was successful in breaking a major resistance near $390-395 against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with resistance at $395 was breached on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded above the $415 level before starting a downside correction recently.

Ethereum price is showing a few positive signs against the US Dollar and Bitcoin. ETH/USD remains supported on the downside around the $400 and $395 levels.

Ethereum Price Support

There was a decent start to an upside wave from the $370 level in ETH price against the US Dollar. The price gained momentum and it was able to break a major resistance near the $390-395 zone. It also cleared the 50% Fib retracement level of the last decline from the $430 high to $360 low. It opened the doors for more gains and the price moved above the $400 level.

More importantly, yesterday’s highlighted major bearish trend line with resistance at $395 was breached on the hourly chart of ETH/USD. The pair traded as high as $417.84 before it faced sellers. Later, a downside correction was initiated and the price moved below $410. It also traded below the 23.6% Fib retracement level of the last wave from the $359 low to $417 high. However, there is a major support near the $400 level and the 100 hourly simple moving average.

Ethereum Price Technical Analysis ETH USD

Furthermore, the 38.2% Fib retracement level of the last wave from the $359 low to $417 high may also act as a support around the $395 level. If the price fails to stay above the $395 and $390 supports, there could be a retest of $360. On the upside, the price has to move past $317-320 zone for more gains in the near term.

Hourly MACD – The MACD is moving back in the bearish zone.

Hourly RSI – The RSI is moved back below the 50 level.

Major Support Level – $390

Major Resistance Level – $417

 

Charts courtesy – Trading View

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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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Comments 1

  1. hisham says:
    7 years ago

    did you mean $417-420 in the last paragraph

    Reply

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Comments 1

  1. hisham says:
    7 years ago

    did you mean $417-420 in the last paragraph

    Reply

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

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