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Ethereum Price Technical Analysis – ETH/USD Gaining Momentum 2018-05-08

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum bitcoin

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Key Highlights

  • ETH price found buyers near the $695 level and started recovering against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $761 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is gaining momentum and is currently trading nicely above the $760 level.

Ethereum price is showing positive signs against the US Dollar and Bitcoin. ETH/USD may continue to move higher towards $800 in the near term.

Ethereum Price Trend

Yesterday, we saw a downside correction in ETH price below the $800 level against the US Dollar. The price declined and broke the $760 and $720 support levels. It even broke the 61.8% Fib retracement level of the last wave from the $665 swing low to $833 high. The downside move stopped near the $695 level where buyers appeared.

Later, an upside wave was initiated and the price moved above the $720 level. Buyers pushed the price above the 23.6% Fib retracement level of the last slide from the $829 high to $694 low. More importantly, there was a break above a major bearish trend line with resistance at $761 on the hourly chart of ETH/USD. The pair also succeeded in breaking the $765 resistance and the 100 hourly simple moving average. At the moment, it is trading near the 61.8% Fib retracement level of the last slide from the $829 high to $694 low. A break above the $777 level is needed for more gains in ETH in the near term.

Ethereum Price Technical Analysis ETH USD

Looking at the chart, the price is showing positive signs above $760. There can be a minor downside correction, but the $760 support and the 100 hourly SMA may prevent declines. Any further losses below $760 could push the price back towards $740. On the upside, a break above $777 would call for a test of $800.

Hourly MACD – The MACD has moved back in the bullish zone.

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

Major Support Level – $760

Major Resistance Level – $777

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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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