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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Technical Analysis – Trend Line Resistance Watch

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

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Key Highlights

  • Ethereum price after trading as low as $11.79 vs the US Dollar found buyers, and started to recover.
  • However, yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD is acting as a resistance.
  • As long as the price is under the trend line, it remains at a risk of more declines in the near term.

Ethereum price is facing a hurdle in the form of a bearish trend line, and if it holds ETH/USD may trade down once again.

Ethereum Price Resistance

Ethereum price ETH just managed to gain bids near the $11.80 support area vs the US Dollar where the bulls appeared to defend the downside. The price is currently recovering, but facing resistance near yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted trend line and resistance area hold a lot of importance, as it will define the next move in the short term.

The price is currently positioned around the 23.6% Fib retracement level of the last drop from the $14.40 high to $11.79 low. If there is a break of the trend line resistance, then a move towards the next resistance, which is the 50% Fib retracement level of the same wave is possible.

Ethereum Price Technical Analysis

However, I will prefer to be on the sidelines, as I feel there can be another rejection in ETH/USD and the price may move down once again towards $11.80. You can plan to enter a sell trade as long as the price is below the trend line with a stop above it. However, my advice will be to trade with caution.

Hourly MACD – The MACD is in the bullish zone, which is a divergence sign for ETH.

Hourly RSI – The RSI is just above the 50 level, signaling that there is a chance of an upside move.

Intraday Support Level – $12.00

Intraday Resistance Level – $12.60

 

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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