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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Price Weekly Analysis: ETH Primed For Further Gains

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • ETH price broke a major resistance area near $133-134 to climb higher against the US Dollar.
  • The price settled above the key $134 resistance to move into a positive zone.
  • There was a break above a major contracting triangle with resistance at $133 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting lower, but it is likely to find a strong buying interest near $134.

Ethereum price is trading with a bullish bias versus the US Dollar and Bitcoin. ETH/USD climbed towards $144 and it is currently correcting lower towards key supports near $134.

Ethereum Price Analysis

This past week, there was a couple of swing moves towards the $128 level in ETH price against the US Dollar. Later, the ETH/USD pair formed a solid support near the $129 and $130 levels. Finally, buyers gained traction and broke the $132 resistance area to move into a positive zone. The upside move was strong as the price even broke the $134 level and the 100 simple moving average (4-hours). The price action was constructive, opening the doors for more upsides above the $134 level.

Moreover, there was a break above a major contracting triangle with resistance at $133 on the 4-hours chart of ETH/USD. The pair rallied above the $140 resistance level. It traded close to the $144 resistance zone. A high was formed just below $144 and later the price started a downside correction. It broke the 23.6% Fib retracement level of the last wave from the $128 low to $144 high. On the downside, there are many supports near the $135 level and the 100 simple moving average (4-hours).

Besides, the 50% Fib retracement level of the last wave from the $128 low to $144 high is also near the $135 level to act as a support. Therefore, if the price continues to move down, it could find a strong support near the $134 or $135 level. If there is a downside break below $134, the price may move back in a bearish zone.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price made a nice upside move above the $134 and $140 barriers. There are many bullish signs above the $135 level and the 100 SMA. In the short term, there could be a consolidation phase above $135 before the price makes the next move. On the upside, the main hurdles near the $142, $144 and $145 levels.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is about to move back in the bearish zone.

4 hours RSI – The RSI for ETH/USD is moving lower from the 80 level and it could move towards the 50 level.

Major Support Level – $134

Major Resistance Level – $142

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

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