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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 Weekly Analysis – ETH Made A Minor Top?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Weekly 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

  • Ethereum price rocketed higher this past week versus the US Dollar, but found resistance near $12.50.
  • There is a major bearish trend line formed on the daily chart of the ETH/USD pair (data feed via SimpleFX), which acted as a barrier for more gains.
  • The price may correct a few more points in the near term, but remain in an uptrend.

Ethereum price after setting a short-term top versus the US Dollar at $12.50 started correcting lower and may extend the current wave.

Ethereum Price Correction

Ethereum price ETH this past week enjoyed a decent upside ride versus the US Dollar and traded as high as $12.60. There were sellers waiting on the upside to prevent further gains and they did manage to stop buyers. There is a monster bearish trend line formed on the daily chart of the ETH/USD pair (data feed via SimpleFX). It can be seen as a barrier for the ETH bulls, which currently ignited a downside move.

The most important point is the fact that the 100-day simple moving average was also around the same trend line. So, it gave more reasons for the ETH sellers to have an upper hand. The price at the moment is correcting lower, and may trade towards the 38.2% Fib retracement level of the last leg from the $8.50 low to $12.60 high. There are several support levels on the downside waiting for the ETH/USD pair, including $11.20 and $10.80.

Ethereum Price Weekly Analysis

There is a chance that the current correction wave may extend. However, the price remains in a major range and might find buyers on the downside.

Daily MACD – The MACD is just around the bullish zone, but may move back into the bearish zone.

Daily RSI – The RSI has moved above the 50 level, which is a positive sign for the ETH bulls.

Major Support Level – $11.20

Major Resistance Level – $12.00

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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