Ethereum Price Technical Analysis – ETH/USD Recovering Higher

Aayush Jindal

1 year ago

2 mins read

Ethereum Price Technical Analysis ETH USD

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 after trading as low as $286.13 against the US Dollar started a short-term correction.
There was a break above a steep bearish trend line with resistance at $293.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair might continue to move higher and could even test a major hurdle near $313-316.

Ethereum price is recovering against the US Dollar and Bitcoin, and ETH/USD might soon head higher towards the previous swing high near $315.

Ethereum Price Resistance

This past week during the end, we saw a decline in ETH price below the $300 handle against the US Dollar. The price traded below the $290 level and traded as low as $286.13 where it found support. Later, after a minor consolidation, a recovery above $290 started. The price moved above the 23.6% Fib retracement level of the last decline from the $317.74 high to $286.13 low.

There was also a break above a steep bearish trend line with resistance at $293.50 on the hourly chart of ETH/USD. The mentioned trend line break above $295 has cleared the path for more gains. The price even traded above the 100 hourly simple moving average and $300. At the moment, it is facing sellers near the 61.8% Fib retracement level of the last decline from the $317.74 high to $286.13 low. There is a chance of a minor pullback towards the 100 hourly SMA or $298.

On the upside, there are chances of ETH price testing the last swing area of $315. There are two important resistances at $313 and $316. So, it would be interesting to see whether sellers are able to protect gains above $316 in the near term.

Hourly MACD – The MACD is about to move from the bearish to bullish zone.

Hourly RSI – The RSI has moved above the 50 level.

Major Support Level – $298

Major Resistance Level – $316

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.