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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/USD Breaking Higher

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Weekly Analysis ETH/USD

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Key Highlights

  • ETH price remained in a narrow range for a few sessions above $205 against the US Dollar, and currently looking for a break.
  • The ETH/USD pair is about to break the range resistance at $2258 on the 4-hours chart (data feed via SimpleFX).
  • Once there is a close above $230, the pair could head higher towards $245-250.

Ethereum price is breaking higher against the US Dollar and Bitcoin, and ETH/USD looks set for more gains above $228 in the near term.

Ethereum Price Nasty Gains

In the last analysis, we saw a few swing moves in ETH price above $205 against the US Dollar. The price traded in a range with a crucial resistance at $228. Recently, the price dipped towards $203 where it found strong bids and started moving higher. During the upside move, the price broke an intermediate resistance at $212, which opened the doors for more gains.

There was even a break above a bearish trend line at $210 on the 4-hours chart of ETH/USD, which is a good sign for buyers. At the moment, the price is attempting to break $228. It also represents the 1.236 extension of the last drop from the $203 high to $98 low. So, a break above it could open the doors for a test of $245-250. On the downside, there is a bullish trend line formed on the same chart with support at $212.

Ethereum Price Weekly Analysis ETH/USD

If the price fails to close above $228 in this leg, then any dip towards $212 can be seen as buying opportunity. In the weekly bias, there is a chance of ETH/USD breaking higher towards $250 very easily. On the downside the $205-200 levels remain a strong support and buy zone.

4-hours MACD – The MACD is still in the bullish zone.

4-hours RSI – The RSI is well above the 50 level, and heading higher towards 65.

Major Support Level – $205.00

Major Resistance Level – $228.00

 

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

Ad discliamer

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