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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Ethereum Price Technical Analysis – Monstrous Resistance For ETH

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Technical Analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price failed once again to clear a major resistance area against the US Dollar, and was seen trading in a range.
  • I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD this week, which is still acting as a monstrous resistance for ETH.
  • The price attempted at least 10 times to break it, but failed to gain traction.

Ethereum price ETH struggle to clear a monster resistance trend line continues. The buyers have to clear it in order to take the price higher.

Ethereum Price Range

Ethereum price ETH attempted to clear a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD yesterday, but failed. I have been tracking the highlighted trend line for a few days, and stated yesterday that it holds the key in the short term. The price continued its struggle to break it and trade above it, which is not a good sign for the bulls.

During the past 10 hours, there were at least 6 attempts to break the highlighted bearish trend line. It clearly shows the price is lagging momentum to move higher, which may result in a downside move. The price is currently ranging around the 23.6% Fib retracement level of the last drop from the $12.03 high to $10.59 low with very low trading volume. So, there can be a flush in the short term before there can be an upside move.

Ethereum Price Technical Analysis

The ETH/USD pair may trade higher only if there is a break above the highlighted bearish trend line. In my view, there can be a move below $10.80-50 level before the ETH bulls step in.

Hourly MACD – The MACD is almost flat, but showing signs of changing bias in the short term.

Hourly RSI – The RSI just curved away from the 50 level, and failed to break the stated level.

Major Support Level – $10.80

Major Resistance Level – $11.00

 

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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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
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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