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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Weekly Analysis – ETH Remains Supported

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 after a minor downside move this past week against the US Dollar recovered.
  • There is a monster contracting triangle formed on the daily chart of the ETH/USD pair (data feed via SimpleFX), which is providing support.
  • The price may move higher in the coming days and test the upper triangle resistance.

Ethereum price may continue to find bids on the downside versus the US Dollar, as long as it is above the $10.80 support area.

Ethereum Price Range

Ethereum price ETH was seen trading lower this past week against the US Dollar, as ETH/USD remained under a bearish pressure. The price dipped and tested the 200-day simple moving average. However, the Ether bulls managed to defend the downside move and pushed the price back higher. As mentioned, there is a monster contracting triangle formed on the daily chart of the ETH/USD pair (data feed via SimpleFX).

It was also one of the main reasons why the ETH/USD pair found support on the downside. Another key point was that the price also failed to close below the 23.6% Fib retracement level of the last wave from the $7.09 low to $12.64 high. So, there is a chance that the price may head higher in the near term. However, on the upside there are many hurdles for the ETH buyers.

Ethereum Price Weekly Analysis

First, the 100-day simple moving average is waiting to act as a barrier. The second and the most important resistance is near the triangle upper trend line highlighted on the daily chart. So, the price may bounce in the short term, but any major gains might only happen upon a break of the triangle.

Daily MACD – The MACD is almost flat, and suggesting a range pattern in ETH.

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

Major Support Level – $11.00

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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