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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – $13.00 Is Now Resistance

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum price

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Key Highlights

  • Ethereum price after a couple of failures to test the $15.00 level vs the US dollar traded lower.
  • I stated yesterday that these failures are not good and pay push the price down in the short term.
  • There is a now a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a resistance if the price moves higher.

Ethereum price traded below $12.00 intraday, and currently attempting to move higher once again, but it may find sellers near $13.00.

Ethereum Price Changed Trend?

Ethereum price ETH was in a strong uptrend for almost a week vs the US dollar and bitcoin. However, it looks like there is a minor top in place for ETH, and it may trade down further moving ahead. ETH/USD broke a major support area around the $13.00 level, which may now act as a resistance if the price moves higher.

There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may play a major role in the short term. The price after trading as low as $11.80 corrected higher. However, it failed near the 38.2% Fib retracement level of the last drop from the $14.40 high to $11.79 low. A very important resistance on the upside is near the trend line, as it is also coinciding with the 50% Fib retracement level of the same drop.

Ethereum Price Technical Analysis

Yesterday’s idea of selling ETH/USD played well, and if you entered into a trade I hope you closed it with gains. I think we can consider selling more as long as the price is below the $13.00-$13.10 levels with a stop above it.

Hourly MACD – The MACD may change the slope to the bearish zone, calling for more losses.

Hourly RSI – The RSI is below the 50 level, which is a bearish sign.

Intraday Support Level – $12.00

Intraday Resistance Level – $13.00

 

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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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

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