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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow
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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow

Ethereum Price Weekly Analysis – $9.50 Represents Major Support

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum price

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Key Highlights

  • Ethereum price broke a resistance area this past week vs the US Dollar and traded higher.
  • There was a contracting triangle pattern formed on the 4-hours chart (data feed via Kraken) of ETH/USD, which was broke to clear the way for more gains.
  • The price may correct a few points higher, and might find buyers near the $9.50 support area.

Ethereum price traded with a bullish bias this past week, and it looks like ETH may continue to trade higher in the near term.

Ethereum Price – Buy Near 100 SMA

Ethereum price ETH was in an uptrend this past week vs the US Dollar, and it broke $10.0 to trade towards $11.00 where it found sellers. The price traded as high as $11.10 before starting to correct lower. Before starting an uptrend ETH/USD broke a contracting triangle pattern formed on the 4-hours chart (data feed via Kraken). The price also settled above the 100 simple moving average, which may now act as a support area.

ETH is currently correcting lower, and testing the 23.6% Fib retracement level of the last wave from the $7.10 low to $11.10 high. However, the most important support lies on the downside. The broken triangle trend line may now provide support to the ETH bulls, as it is also positioned with the 38.2% Fib retracement level of the last wave from the $7.10 low to $11.10 high.

Ethereum Price Weekly Analysis

However, one crucial support is at the 100 SMA (H4 chart), which can act as a barrier for sellers. One may consider buying dips ETH/USD, but only as long as the price is above the 100 SMA (which can be a stop).

4H MACD – The 4-hours MACD is about to move in the bearish slope, which is a sign of a downside move.

Hourly RSI – The RSI is above the 50 level, meaning the price may move higher once again after a correction.

Intraday Support Level – $9.50

Intraday Resistance Level – $11.00

 

Charts courtesy of Kraken via Trading View

Image: NewsBTC

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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.

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