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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Price Technical Analysis – ETH/USD Turned Buy?

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price managed to gain momentum, and moved above the $41 resistance against the US Dollar.
  • There is now a new bullish trend line with support at $39.50 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price is above the 100 hourly simple moving average, which might now provide support at $41.70.

Ethereum price popped a few points higher against the US Dollar, and now ETH/USD is well positioned above the $41.00 level for more gains.

Ethereum Price Support

There was a nice upside move in ETH price above $41 against the US Dollar. The price managed to break a couple of important resistances. The most important one was yesterday’s highlighted two bearish trend lines with resistance at $41.70 on the hourly chart (ETH/USD, data feed via SimpleFX). The price also attempted a break above the 61.8% Fib retracement level of the last decline from the $45.09 high to $38.15 low. However, it failed to climb above the $43.90 level.

At the moment, the price is correcting lower towards $41.70. It is currently testing the 23.6% Fib retracement level of the last wave from the $38.20 low to $43.90 high. However, there is a major support waiting on the downside near $41.70. It coincides with the 100 hourly simple moving average at $41.72. Moreover, the 38.2% Fib retracement level of the last wave from the $38.20 low to $43.90 high is also around the same support.

Ethereum Price Technical Analysis  ETH

Last but not the least, the broken trend line is at $41.50. So, we can say there are many support levels on the downside. So, one may consider buying as long as the price is above a new bullish trend line with support at $39.50.

Hourly MACD – The MACD is slightly in the bullish zone, which is a positive sign.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $41.00

Major Resistance Level – $43.90

 

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
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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