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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Ethereum Price Technical Analysis – Last Low Held Again

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • Ethereum price traded down one more time against the US Dollar, but the last low of $10.13 acted as a perfect support area.
  • Yesterday’s highlighted contracting triangle pattern on the hourly chart (data feed via Kraken) of ETH/USD was broken during the downside move.
  • The price is still below the upper trend line, which needs to be broken before the price can move higher.

Ethereum price is fighting hard, but it won’t be an easy task for the ETH bulls. Only a break and close above $13.00 may call for a bullish move.

Ethereum Price Resistance

Ethereum price ETH traded lower once again, as the bulls failed to hold gains. Yesterday’s highlighted contracting triangle pattern on the hourly chart (data feed via Kraken) of ETH/USD was broken to ignite the downside move.

The price traded closer to the last swing low of $10.13 where it managed to find bids, and there is also a bullish candle formed around the same level. The price is trading higher, but facing resistance near the triangle upper trend line, which is acting as a hurdle for the ETH bulls. As long as the price is below the trend line, it won’t be easy for ETH to gain further.

Ethereum Price Technical Analysis

Moreover, the 23.6% Fib retracement level of the last drop from the $21.10 high to $10.13 low is also intact, which can be considered as another resistance on the upside. If you are positive, then you can even consider buying with a break of the trend line resistance, but with a stop of not more than 1-2 points.

Hourly MACD – The MACD is mostly flat, suggesting that the price may trade in a range for some time.

Hourly RSI – The RSI has moved below the 50 level, which is not a good sign in the short term.

Major Support Level – $10.15

Major Resistance Level – $12.40

 

Charts courtesy of Kraken via Trading View

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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

Ad discliamer

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

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