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Ethereum Price Weekly Analysis – ETH/USD Remains in Range

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

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Key Highlights

  • ETH price after trading above the $325 level against the US Dollar found sellers and moved down.
  • There is an expanding triangle forming with support at $291 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might continue to trade in an expanding range with current resistance above $327.

Ethereum price is trading in a range against the US Dollar, but moved higher versus Bitcoin. ETH/USD remains supported on the downside near $291.

Ethereum Price Support

This past week, there was a decent upside move in ETH price above the $325 level against the US Dollar. The price traded to a new monthly high of $327.28 before it faced a lol of sellers and started a downside move. There was a sharp downside move and the price traded below the $296 support area. A low was formed recently at $287.41 from where the price started a new upside move.

It traded above the 100 simple moving average (H4) and the 50% Fib retracement level of the last decline from the $327.28 high to $287.41 low. However, the upside move was capped by the $312 level. The 76.4% Fib retracement level of the last decline from the $327.28 high to $287.41 low also acted as a resistance. ETH is currently correcting lower and it seems like there is an expanding triangle forming with support at $291 on the 4-hours chart of ETH/USD.

Ethereum Price Weekly Analysis ETH USD

On the downside, there is a decent support forming near $291 and the 100 simple moving average (H4). As long as the pair is above the 100 SMA and the $291-290 area, it can initiate a new short-term bullish wave. Overall, there is an expanding range forming with support at $291 and resistance above $327.

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

4-hours RSI – The RSI is currently just above the 50 level.

Major Support Level – $291

Major Resistance Level – $330

 

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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