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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Eyeing $160-175

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

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Key Highlights

  • Its monstrous gains in ETH price, as it extended upside above $140 against the US Dollar, and may soon trade towards $160.
  • There is a solid ascending channel pattern with support at $143 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may dip a few points towards $144-145 before spiking above $150-152 in the near term.

Ethereum price is putting the best show against the US Dollar and Bitcoin, and ETH/USD may now soon head higher above $150 towards $160 or even $175.

Ethereum Price Bullish Trend

Yesterday, I mentioned that if ETH buyers remain in action, it can soon move above $130 to test $135-138 against the US Dollar. It did move higher, and not only broke $138, but also managed to surge above $145. The current trend is super bullish and pointing further gains above $150. The price may soon break and settle above $150 for a sustained upside move towards $160.

At the moment, the price is trading just below $150, and may soon break it. There is a solid ascending channel pattern with support at $143 formed on the hourly chart of ETH/USD. If the pair dips a few points from the current levels, it may find support near $144-145. The 23.6% Fib retracement level of the last wave from the $120.99 low to $149.18 high is at $142.52. So, the channel support at $143 may play a major role.

Ethereum Price Technical Analysis ETH USD

There is a high possibility of a reaction near $150. So, we may see a dip of around $8-10 going forward. However, the larger trend remains bullish with chances of nasty spikes towards $160 or even $175. Below $142, the $135 support may come into the picture.

Hourly MACD – The MACD is placed with a lot of momentum in the bullish zone.

Hourly RSI – The RSI is floating in the overbought levels.

Major Support Level – $142.00

Major Resistance Level – $150.00

 

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
The highest standards in reporting and publishing
How Our News is Made

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

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