Ethereum Price Technical Analysis – ETH/USD To Gain Traction

Aayush Jindal

1 year ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Highlights

ETH price remained above the $7.85 support area against the US Dollar, and looks set for a minor upside move.
There is a connecting bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a support.
There is a chance of an upside move towards the $8.50 if the ETH buyers remain active.

Ethereum price succeeded in gaining bids intraday against the US Dollar and Bitcoin, and it looks like ETH/USD may trade a few points higher.

Ethereum Price Support Trend Line

ETH price remained supported during the past few hours against the US Dollar and BTC. There was a minor upside move, taking the price higher. The most important point is the fact that the ETH/USD pair remained above the 100 hourly simple moving average. Earlier, the pair after dipping below the $8.00 level found support and traded higher. During the upside, it broke the 23.6% Fib retracement level of the last decline from the $8.67 high to $7.82 low.

However, the upside move found resistance near $8.40. The stated level also coincides with the 50% Fib retracement level of the last decline from the $8.67 high to $7.82 low. There is now a connecting bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It is currently acting as a support and preventing sellers from taking control. As long as the price is above it there is a chance of ETH gaining a few points in the short term.

On the upside, the recent swing high at $8.40-45 is an intermediate resistance before an important hurdle at $8.67. One may consider buying dips with a stop below the 100 hourly simple moving average.

Hourly MACD – The MACD is currently in the bullish slope, but with flat structure.

Hourly RSI – The RSI is currently above the 50 level, which is a positive sign.

Major Support Level – $8.10

Major Resistance Level – $8.45

Charts courtesy – SimpleFX

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.

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.