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

Ethereum Price Analysis: ETH/USD Buyers In Control Above $223

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
sleepwalking, technical analysis ethereum

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ETH price gained traction and moved above the $230 resistance against the US Dollar.
  • There is a monster bullish trend line in place with support at $221 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may continue to move higher as long as the $221 and $223 supports are intact.

Ethereum price is showing bullish signs against the US Dollar and bitcoin. ETH/USD is facing resistances near the $236 and $238 levels.

Ethereum Price Analysis

During the past few hours, there were bullish moves above $220 in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $226 and $230 resistance levels. There was even a spike above the $236 level and the price settled above the 100 hourly simple moving average. A high was formed at $239.31 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the last leg from the $213 low to $239 high.

However, declines were protected by the $224 level and the 100 hourly SMA. Moreover, there was no close below the 50% Fib retracement level of the last leg from the $213 low to $239 high. Below $226, the next key support is around the $223 level and the 61.8% Fib retracement level. More importantly, there is a monster bullish trend line in place with support at $221 on the hourly chart of ETH/USD. As long as the price is above the trend line, it remains supported for more gains above the $236 level. A break above the $239 high will most likely call for a surge towards the $250 level.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is showing positive signs above the $223 and $221 supports. Below these, the price may perhaps revisit the $213 swing low in the near term.

Hourly MACD – The MACD is about to move into the bullish zone.

Hourly RSI – The RSI is currently above the 50 level.

Major Support Level – $221

Major Resistance Level – $236

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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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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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