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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Technical Analysis – ETH/USD Grinding Higher

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price is slowly moving higher and trading above the $290 level against the US Dollar.
  • Yesterday’s highlighted connecting bullish trend line with current support at $290 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
  • The price might dip a few points in the near term, but remains supported above $280.

Ethereum price is grinding higher against the US Dollar and Bitcoin. ETH/USD has to settle above $300 to gain traction in the near term.

Ethereum Price Support

There were slow and steady gains in ETH price as it moved above the $290 level against the US Dollar. The price even managed to move above the $292 resistance zone, which is a positive sign. It means there are chances of it moving towards the 1.236 extension of the last decline from the $293.63 high to $274.78 low. At the moment, the price is consolidating above the $290 level and waiting for buyers to step up the momentum.

On the downside, yesterday’s highlighted connecting bullish trend line with current support at $290 on the hourly chart of ETH/USD is still in place. However, the most important support is near $288-285. If the price corrects lower, it might find support near $288. Below $288, the price might extend its decline and could even move towards the $280 level. The current trend support sits near $276 and the 100 hourly simple moving average.

Ethereum Price Technical Analysis ETH USD

On the upside, a break of the $298.08 level could take the price towards the 1.618 extension of the last decline from the $293.63 high to $274.78 low at $305.28. Buying dips in the short term can be considered, but with caution above the $280 level.

Hourly MACD – The MACD is moving with neutral signs in the bullish zone.

Hourly RSI – The RSI is moving lower, but remains well above the 50 level.

Major Support Level – $280

Major Resistance Level – $300

 

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
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The highest standards in reporting and publishing
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