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

Ethereum Price Technical Analysis – Signs Of Weakness Emerge

Aayush Jindal
Aayush Jindal
8 years ago
2 mins read
Ethereum price

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Key Highlights

  • Ethereum price failed once again to trade near the $15.00 level vs the US dollar and moved down.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD was broken during the downside drift.
  • Two failures to trade and break $15.00 suggests that the price is starting to feel the heat in the short term.

Ethereum price may trade down if the ETH/USD bulls fail once again to take it close to the $15.00 level moving ahead.

Ethereum Price to Weaken?

Ethereum price ETH yesterday attempted to trade higher, but failed to near the $14.40 level vs the US Dollar. I was hoping it to test at least the last swing high of $14.80. However, the ETH sellers had a different idea, as they managed to outpace the bulls and took the price down. Yesterday’s highlighted bullish trend line on the hourly chart (data feed via Kraken) of ETH/USD was breached to ignite a downside move.

The most important point is that the price has now registered two failures around the $14.50 level, which is a warning to the bulls that a top may be in place. However, there are many support levels on the downside for the price, which may act as a hurdle for sellers if it moves down from the current levels.

Ethereum Price Technical Analysis

If the price moves higher, then an initial resistance is around the 38.2% Fib retracement level of the last drop from the $14.40 high to $13.07 low. However, the most important resistance is near the 100 hourly simple moving average, which is sitting along with the 50% Fib retracement level of the same drop. One may even consider selling near it with a stop above the 100 hourly SMA.

Hourly MACD – The MACD is in the bearish zone, which is a negative sign.

Hourly RSI – The RSI is below the 50 level, calling for more weakness in the near term.

Intraday Support Level – $13.10

Intraday Resistance Level – $14.00

 

Charts courtesy of Kraken via Trading View

Header 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
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The highest standards in reporting and publishing
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