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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 Recovers Sharply

Aayush Jindal
Aayush Jindal
1 year 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 after declining towards the $270 level found support against the US Dollar and recovered well.
  • Yesterday’s highlighted major bearish trend line with resistance near $296 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might dip a few points from the current levels, but remain supported near $295-292.

Ethereum price bounced back sharply against the US Dollar and Bitcoin. ETH/USD is now back in the bullish zone above $290 and the 100 hourly SMA.

Ethereum Price Upside Move

There were further declines in ETH price yesterday towards $270 against the US Dollar. The price traded as low as $272.67 before finding strong bids. It recovered well and moved above the 61.8% Fib retracement level of the last decline from the $308.40 high to $272.67 low. There was even a break above the $300 handle and the 100 hourly simple moving average, which is a great sign.

During the upside, there was a break above yesterday’s highlighted major bearish trend line with resistance near $296 on the hourly chart of ETH/USD. All these are positive signs above $295. A high was formed recently at $309.08 and it seems like the price might correct a bit in the short term. It is approaching the 23.6% Fib retracement level of the last wave from the $272.67 low to $309.08 high. However, the most important support is near $295-292.

Ethereum Price Technical Analysis ETH USD

The mentioned support also coincides with the 100 hourly SMA and the 38.2% Fib retracement level of the last wave from the $272.67 low to $309.08 high. Moreover, the last swing low at $286.50 might also act as a strong support once again. Overall, the price is back in the bullish zone above $290 in the short term.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI is currently near the overbought levels.

Major Support Level – $295

Major Resistance Level – $308

 

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

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