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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 Range Bound

Aayush Jindal
Aayush Jindal
8 years ago
2 mins read
Ethereum Price Technical Analysis

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ETH price after a minor bullish wave against the US Dollar started trading in a range.
  • There was a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken recently.
  • The highlighted range resistance is near $8.10 and range support is near $7.90.

Ethereum price starting trading in a range against the US Dollar, and it looks like the ETH/USD pair is preparing for the next move.

Ethereum Price Resistance

ETH price declined a few points towards the $7.85 level against the US Dollar. The price started a minor upside move, and broke a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. There was also an upside move above the 23.6% Fib retracement level of the last decline from the $8.50 high to $7.85 low. However, the upside move was limited, as there was no real momentum.

The 100 hourly simple moving average is preventing an upside break in ETH/USD, and stopping the buyers from gaining momentum. Moreover, the 38.2% Fib retracement level of the last decline from the $8.50 high to $7.85 low is also acting as a resistance and preventing gains. It looks like a range pattern is forming with resistance is near $8.10 and support at $7.90. If the current sentiment remains intact, there is a chance of an upside break.

Ethereum Price Technical Analysis

A break above the range resistance and the 100 hourly simple moving average may take the price towards $8.30. If buyers remain in control, the price may even head towards the 76.4% Fib retracement level of the last decline from the $8.50 high to $7.85 low.

Hourly MACD – The MACD is currently in the bullish zone but with no momentum.

Hourly RSI – The RSI has just moved above the 50 level, which is a positive sign.

Major Support Level – $7.90

Major Resistance Level – $8.20

 

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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