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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Price Weekly Analysis – ETH/USD Facing Crucial Hurdle

Aayush Jindal
Aayush Jindal
8 years ago
2 mins read
Ethereum Price Weekly Analysis ETH

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Key Highlights

  • ETH price surged higher by more than 60% this past week against the US Dollar to trade above $20.00.
  • There was a break above a major resistance area at $14.80 on the daily chart (data feed via SimpleFX) of ETH/USD.
  • The pair traded above the $20.00 handle, and currently facing sellers just below the last major swing high of $21.00.

Ethereum price was super bullish this past week against the US dollar to trade above $18 and $20, but now ETH/USD faces a major resistance.

Ethereum Price Resistance

It was an amazing week for ETH price, as it managed to gain by more than $4-5 gainst the US dollar. It was also seen trading higher against the Bitcoin, as ETH/BTC broke the 0.0120BTC resistance to trade above 0.0150BTC. The best part this past week was a close above the all-important $14.80 resistance area. The stated area at $14.80 and $15.00 acted as a major hurdle on many occasions. A break above it was a good sign for Ethereum buyers in the short term.

The price surged higher and traded above the $20.00 handle. A new high was set near $20.53. However, the price failed to trade towards the all-time high of $21.16 (data feed via SimpleFX). It is showing some signs of retreat already and moving down. There is a high chance that the price might correct lower and trade towards $17.00 level in the near term.

Ethereum Price Weekly Analysis ETH

On the downside, an initial support is near the 23.6% fib retracement level of the last wave from the $5.69 low to $20.53 high. However, the price is clearly in a bullish trend, so any pullbacks may be considered as a buying opportunity. So, if you are a buyer, wait for the right time.

Daily MACD – The MACD is now in the bullish zone with good signs.

Daily RSI – The RSI is into the overbought levels, but no sign of a pullback.

Major Support Level – $17.00

Major Resistance Level – $21.00

 

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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