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Breaking News: White House To Host Crypto And Banking Leaders In Push To Break Regulatory Deadlock

Ethereum Price Technical Analysis – Risk of Bounce Grows

Aayush Jindal
Aayush Jindal
Last Updated: May 12, 2016 8:00 am
2 mins read
Ethereum price

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Key Highlights

  • Ethereum price finally moved higher and broke the consolidation to register gains intraday vs the US Dollar and Bitcoin.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD was broken during the upside drift.
  • The price looks like may be heading towards the last swing high of $10.40 where it may find offers.

Ethereum price surged higher and broke a major resistance area. Buying dips in the short term may be considered eyeing a test of $10.40.

Ethereum Price Buy Dips?

Ethereum price ETH managed to break a range pattern vs the US Dollar and popped higher. During the upside move ETH/USD managed to break a couple of important barriers, including a bearish trend line on the hourly chart (data feed via Kraken). The most important move was above the 100 hourly simple moving average, which is a signal that the ETH bulls are in control at present.

The price almost tested the $10.0 handle, and currently consolidating gains. I think there is a high probability of it testing the last swing high of $10.40. However, a correction from the current levels cannot be discarded. If ETH moves down, then it may find support near the 23.6% Fibonacci retracement level of the last wave from the $8.40 low to $9.99 high.

Ethereum Price Technical Analysis

However, the most important support is near the broken trend line, as it is also positioned near the 100 hourly simple moving. Buying dips may be considered as long as the price is above the 100 SMA (which can be a stop price).

Hourly MACD – The MACD is about to move from the bullish to bearish slope, calling for a minor downside move.

Hourly RSI – The RSI is around the overbought levels, which is another sign of a correction.

Intraday Support Level – $9.60

Intraday Resistance Level – $10.40

 

Charts courtesy of Kraken via Trading View

Image via NewsBTC

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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