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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 Remains in Broad Range

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

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Key Highlights

  • ETH price is currently trading in a broad range above the $210 support against the US Dollar.
  • There is an ascending channel formed with support at $222 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair may decline in the short term towards the $214 and $210 support levels.

Ethereum price is consolidating versus the US Dollar and Bitcoin. ETH/USD is at a risk of a minor downside correction towards the $214 support level.

Ethereum Price Analysis

This past week, there were mostly range moves above the $210 support in ETH price against the US Dollar. The ETH/USD pair traded higher above the $220 and $224 levels, but it failed to hold gains. During the upside move, there was a break above the $227 level and the 100 simple moving average (4-hours). Moreover, the price traded above the 50% Fib retracement level of the last drop from the $240 high to $213 low.

However, the upside move was protected by the $229-230 zone. Additionally, the 61.8% Fib retracement level of the last drop from the $240 high to $213 low also acted as a resistance. The price is slowly declining and it is currently trading below the $227 level and the 100 SMA. There is also an ascending channel formed with support at $222 on the 4-hours chart of ETH/USD. If there is a downside break below the channel support, the price could decline towards the $220 and $214 support levels.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that ETH price is clearly struggling to gain momentum above $229-230. If it continues to fail, there could be a bearish reaction below $214 in the near term. Until then, the price is likely to trade in a range above the $214 support level in the coming sessions.

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

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

Major Support Level – $220

Major Resistance Level – $230

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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
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