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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – ETH/USD Eyeing Further Gains

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

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Key Highlights

  • ETH price after a minor correction found support at $302 against the US Dollar.
  • Yesterday’s highlighted short-term bullish trend line with current support at $304 is still intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to move higher and it could even break the last swing high at $309.

Ethereum price is once again gaining bids against the US Dollar and Bitcoin. ETH/USD might soon attempt an upside break above $309.

Ethereum Price Resistance

The past two sessions were mostly ranging above $301 in ETH price against the US Dollar. Yesterday, after a decent upside move towards $309, the price started a downside correction. It moved down and traded below the 23.6% Fib retracement level of the last leg up from the $290.98 low to $309.00 high. However, the downside move was protected by the $301-302 support levels.

Moreover, yesterday’s highlighted short-term bullish trend line with current support at $304 also provided support on the hourly chart of ETH/USD. It acted as a decent buy zone near $302 and prevented further downsides. Besides, the 38.2% Fib retracement level of the last leg up from the $290.98 low to $309.00 high also acted as a support. The pair is once again moving higher and already trading above $304. However, it faces a monster resistance near $309. The stated $309 level prevented further gains on many occasions and it might continue to act as a hurdle.

Ethereum Price Technical Analysis ETH USD

A proper close above $309 is needed for buyers to take the price above $320 or even higher. On the downside, the trend line support at $304 is a key buy zone. A break of the $304 support would open the doors for further slides towards $297.

Hourly MACD – The MACD is still in the bullish zone.

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

Major Support Level – $304

Major Resistance Level – $309

 

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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