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Ethereum Price Technical Analysis – Time To Take Profits?

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

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Key Highlights

  • ETH price continued its downward move against the US Dollar and created a new low as forecasted yesterday.
  • This week’s long followed bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is still active and acting as a resistance.
  • The price action is not shaping up well, which means it may be the right time for sellers to step back.

Ethereum price ETH declined further to create a new low versus the US Dollar. Can it continue to move down in the short term?

Ethereum Price Decline

Ethereum price ETH is in a downtrend versus the US Dollar as it can be clearly seen from the chart. However, this can be only a short-term trend. Once there is a bottom formed, we can see some recovery in ETH moving ahead. I have been tracking a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD during this week. It continued to act as a barrier for the ETH bulls, and prevented gains on many occasions.

There was a new low formed yesterday, as I was anticipating. I strongly feel the sellers are exhausted and may step back in time. So, if you are a seller, I think it may be the right time to book profits before there can be a reversal. The price is currently attempting to move above the 23.6% Fib retracement level of the last drop from the $12.33 high to $10.16 low.

Ethereum Price Technical Analysis

If the ETH bulls succeed in settling the price above the stated fib level, then the highlighted bearish trend line may be challenged once again. A break above it is needed for the bulls to be back in action.

Hourly MACD – The MACD is strongly bearish, and showing no signs of a recovery.

Hourly RSI – The RSI is moving away from the oversold readings, and may test the neutral level soon.

Major Support Level – $10.40

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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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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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

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