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Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

Ethereum Price Technical Analysis – ETH/USD Back in Bullish Zone 2017-09-28

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price gained pace and moved above the $300 barrier against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $294 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently correcting lower, but remains supported on the downside.

Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD is now a good buy near the $300-294 levels in the near term.

Ethereum Price Support

It was a good period for ETH price as it moved above the $300 barrier against the US Dollar. Before the upside move, there was a minor dip towards the 50% Fib retracement level of the last wave from the $275.00 low to $295.50 high. Buyers appeared around $285-288 and protected declines. As a result, there was an upside move above the $294-295 resistance levels.

The upside move was strong enough to take out the $300 barrier. It traded as high as $311.45 and is currently correcting lower. The price has breached the 23.6% Fib retracement level of the last wave from the $285.16 low to $311.45 high. There is a new connecting bullish trend line forming with support at $294 on the hourly chart of ETH/USD. Before the trend line support, the 50% Fib retracement level of the last wave from the $285.16 low to $311.45 high is near $298.31.

Ethereum Price Technical Analysis ETH USD

Overall, the price remains supported on the downside above $295. Not to forget, the mentioned $295 level was a resistance earlier and now it could act as a support. Buying dips towards $298-295 can be considered as long as there is no close below $290. On the upside, an initial resistance is at $311 followed by the $315 level.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is moving down towards the 50 level.

Major Support Level – $295

Major Resistance Level – $315

 

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

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