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Ethereum Price Analysis – ETH/USD Trend Tremendously Bullish
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Ethereum Price Analysis – ETH/USD Trend Tremendously Bullish

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

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Key Highlights

  • ETH price continued its surge and moved past the $15.80 resistance against the US Dollar.
  • A crucial resistance trend line at $16.32 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken to ignite further gains.
  • The current trend is super bullish, and the price may look to extend gains with support at $16.70.

Ethereum price rocketed above the $17.00 handle against the US Dollar, and it looks the ETH/USD is strongly bullish and remains buy on dips.

Ethereum Price Buy Zone?

Our idea of buying dips in ETH price worked again vs the US Dollar, as after a dip towards $15.30 the price moved higher. The price surged higher, and managed to break a monster resistance area at $15.80. It was a good opening for the bulls, as the price moved past the $17.00 handle as well. The most important point was that a major connecting bullish trend line at $16.10 is intact.

During the upside, there was a break above a crucial resistance trend line at $16.32 on the hourly chart of ETH/USD (data feed via SimpleFX). It is a clear sign that the price may continue to rise and might soon break the recent high of $17.36 for further gains. The next stop on the upside could be near $17.88. On the downside, an initial support and buy zone is at 23.6% Fib retracement level of the last wave from the $14.64 low to $17.36 high.

Ethereum Price Technical Analysis ETH USD

However, the most important support is near the broken resistance trend line at $16.32. It also coincides with the 38.2% Fib retracement level of the last wave from the $14.64 low to $17.36 high. So, one may consider buying with a stop below $16.00.

Hourly MACD – The MACD is super bullish, calling for more gains.

Hourly RSI – The RSI is well into the overbought levels.

Major Support Level – $16.70

Major Resistance Level – $17.40

 

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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