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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Weekly Analysis – ETH/USD Remains in Uptrend

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

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Key Highlights

  • ETH price gained strength recently and cleared a major resistance at $312 against the US Dollar.
  • There is a monster ascending channel forming with resistance at $346 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might correct a few points from the current levels towards $325-320 in the short term.

Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD remains in an uptrend above $320 and likely gain further in the near term.

Ethereum Price Resistance

There was a finally an upside wave in ETH price above the $320 level against the US Dollar. The price managed to break an important resistance area at $312 and moved higher. The upside move was strong and the price cleared the $325 and $335 level for more gains. A new weekly high was formed at $346.65 where sellers appeared and prevented further upsides.

Actually, there is a monster ascending channel forming with resistance at $346 on the 4-hours chart of ETH/USD. The channel resistance near $345-346 is preventing further gains and stopping buyers to take control. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $285.08 low to $346.65 high. If there is a break of $332, there can be more losses towards $323.

Ethereum Price Weekly Analysis ETH USD

The most important support is now at the 50% Fib retracement level of the last wave from the $285.08 low to $346.65 high near $315. Any major downsides should be limited in the near term as long as the price is above $315. Moreover, the channel support is at $300 along with the 100 simple moving average (H4). Therefore, the $300 level can be seen as the current trend support.

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

4-hours RSI – The RSI is correcting lower towards the 50 level.

Major Support Level – $315

Major Resistance Level – $346

 

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.

Read more

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
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