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

Ethereum Price Weekly Analysis: ETH/USD Uptrend Is Intact

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price is trading with a positive bias above the $220 level against the US Dollar.
  • There is a major bullish trend line formed with support at $224 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is currently struggling to break the $252 resistance and is correcting lower.

Ethereum price is trading with positive moves versus the US Dollar and Bitcoin. ETH/USD could decline a few points, but it remains supported above $220.

Ethereum Price Analysis

This past week, there was a slow and steady rise from the $190 swing low in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $200, $210 and $240 resistance levels. There was also a close above the $220 level and the 100 simple moving average (4-hours). The price traded as high as $255 and it is currently correcting lower towards the $220 level.

It has breached the 23.6% Fib retracement level of the last leg from the $197 low to $255 high. However, there is a strong support near the $226 level and the 100 hourly SMA. More importantly, there is a major bullish trend line formed with support at $224 on the 4-hours chart of ETH/USD. Additionally, the 50% Fib retracement level of the last leg from the $197 low to $255 high is near $226. Therefore, if the price dips from the current levels, it could find support near the $226 and $224 levels. Below these, the price may perhaps decline back towards the $200-203 support area.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is placed nicely above $220. However, there is also a strong resistance zone near the $270 level. Buyers need to clear the $255 and $270 levels to set the pace for more gains towards the $300 level in the near term.

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

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

Major Support Level – $224

Major Resistance Level – $270

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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

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