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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Technical Analysis – ETH Failed Correction Attempt

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

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Key Highlights

  • ETH price started a correction yesterday against the US Dollar, but failed to hold the momentum.
  • There was a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the downside reversal.
  • The pair found offers near the 100 hourly simple moving average, and declined.

Ethereum price was only able to correct a few points until it found sellers once again versus the US Dollar, and declined towards the last low.

Ethereum Price Hurdle

Ethereum price was seen correcting yesterday against the US Dollar, and I was hoping for it to last a bit longer than it actually did. There was a move above the 50% Fib retracement level of the last drop from the $12.22 high to $11.46 low. However, the upside move could not last longer, as it found sellers and started a downside leg once again.

The price was stopped near a major technical confluence area. It was made of the 76.4% Fib retracement level of the last drop from the $12.22 high to $11.46 low, and the 100 hourly simple moving average. The ETH sellers successfully defended the upside move, and were able to push the price down. During the downside push, there was a break below a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

The price is now back towards the last swing low of $11.45, and currently finding support near $11.50. It looks like there can be a new low in ETH/USD before the price starts to recover. Let us see what can be the next stop in the short term, which according to me might be at $11.20.

Hourly MACD – The MACD is back into the bearish zone, with gain in the momentum.

Hourly RSI – The RSI is now back below the 50 level.

Major Support Level – $11.45

Major Resistance Level – $11.80

 

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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Reason to trust

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