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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – $11.20 Now Major Resistance

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

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Key Highlights

  • Ethereum price continued to dive down against the US Dollar and even broke the $9.50 level.
  • There are a couple of bearish trend lines formed on the hourly chart (data feed via Kraken) of ETH/USD, which can be considered as a downside move catalyst.
  • There is now a major resistance area forming around $11.00, which may play a crucial role in the short term.

Ethereum price weakened, as the bears did not stop in taking the ETH down against the US Dollar. More losses ahead?

Ethereum Price Resistance

There was no stopping the Eth bears as they took Ethereum price further lower against the US Dollar. A new weekly low was formed at $9.30 where buyers appeared and managed to push the price a few points higher. However, there are now several important resistances on the upside, which may impact the price in the short term.

On the upside, there are a couple of bearish trend lines formed on the hourly chart (data feed via Kraken) of ETH/USD, which may play a crucial role in protecting the upside move. First, there is a minor bearish trend line positioned at $10.80. Second, an upper bearish trend line, the one we followed this whole week. The upper bearish trend line may act as a major hurdle for the bulls in the short term.

Ethereum Price Technical Analysis

The most important point is that there are a couple of things aligned at $11.20 like the bearish trend line and the 100 hourly simple moving average. So, we can say that the stated level is a major offer zone where the bears might appear if the price attempts to move higher.

Hourly MACD – The MACD has moved into the bullish zone, but may again go into the bearish slope.

Hourly RSI – The RSI managed to bounce from the oversold reading, which is the only positive sign.

Major Support Level – $10.00

Major Resistance Level – $11.20

 

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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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

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