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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Ethereum Price Technical Analysis – Sellers Step Up Momentum

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

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Key Highlights

  • Ethereum price continued to tumble against the US Dollar, as there was a nasty decline in ETH/USD.
  • Yesterday’s highlighted bearish trend lines on the hourly chart (data feed via Kraken) of ETH/USD played well in pushing the pair down.
  • I remain bearish in the short term on ETH/USD as long as I don’t see good signs of a reversal.

Ethereum price remained under pressure against the US Dollar as there was an increase in seller’s strength, taking the price below $10.00.

Ethereum Price Collapse

Ethereum price ETH tumbled further yesterday, and my view of additional declines paid off. There was a sharp decline noted in the ETH/USD pair, which took it below the $10.00 level. A new weekly low of around $7.0 was formed, which is quite interesting in terms of decline. My yesterday’s highlighted bearish trend lines on the hourly chart (data feed via Kraken) of ETH/USD proved correct and acted as a resistance.

The price after trading as low as $7.09 started to correct higher against the US dollar, and managed to settle above the 23.6% Fib retracement level of the last decline from the $10.67 high to $7.09 low.  However, it won’t be easy for the ETH/USD bulls to take the pair further higher. There is another bearish trend line waiting on the same chart on the upside to act as a resistance.

Ethereum Price Technical Analysis

Moreover, the 61.8% Fib retracement level of the last decline from the $10.67 high to $7.09 low would act as a major barrier for a recovery. It would be interesting to see how the sellers react if the price continues to correct higher and tests the $9.80-$10.00 levels since it may act as a resistance area.

Hourly MACD – The MACD is strongly bearish, and continuing to signal further losses.

Hourly RSI – The RSI bounced from the oversold readings, but remains below the 50 level.

Major Support Level – $8.00

Major Resistance Level – $9.80

 

Charts courtesy – SimpleFX

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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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