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Ethereum Price Technical Analysis – ETH/USD Crawling Higher

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

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Key Highlights

  • ETH price after declining towards $280 found support and started an upside move against the US Dollar.
  • There was a break above a connecting bearish trend line at $292 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is slowly moving higher and about to break the $300 resistance in the near term.

Ethereum price is gaining traction against the US Dollar and Bitcoin, but ETH/USD has to trade above $310 to move back in the bullish zone.

Ethereum Price Trend

There were only ranging moves recently in ETH price above the $280 level against the US Dollar. The price on the weekend traded lower and tested the $280 support zone where it found bids. Later, a recovery was initiated, and the price moved above the 23.6% Fib retracement level of the last decline from the $309.37 high to $280.45 low. It opened the doors for more gains and the price crawled above $290.

During the upside move, there was a break above a connecting bearish trend line at $292 on the hourly chart of ETH/USD. The price is now comfortably placed above the $292 level and the 100 hourly simple moving average. It is also above the 50% Fib retracement level of the last decline from the $309.37 high to $280.45 low, which is a bullish sign. Sooner or later, the price would move above $300 and attempt more gains in the near term.

Ethereum Price Technical Analysis ETH USD

On the downside, the $292 level and the 100 hourly simple moving average are support zones. If the price corrects lower, it may find support above $290. On the upside, today’s pivot stands at $302. Above $302, the price could head towards the $309 level.

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

Hourly RSI – The RSI is moving higher and currently above the 50 level.

Major Support Level – $292

Major Resistance Level – $302

 

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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