Ethereum Price Technical Analysis – Time To Buy ETH?

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price remained below the $12.00 resistance over the weekend against the US Dollar.
There is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which can act as a major barrier for the buyers.
The pair is also below the 100 hourly simple moving average, and struggling to break it.

Ethereum price after a crucial decline this past week started trading in a range, and currently waiting for a catalyst for an upside move.

Ethereum Price Barrier

ETH faced a lot of heat this past week versus the US dollar, and it traded as low as $11.73 where somehow the buyers managed to protect the downside. The ETH/USD pair has been consolidating in a range since then, and waiting for a catalyst for recovery. The pair recently attempted to climb higher but, the 38.2% retracement level of the last leg from the $12.75 high to $11.73 low acted as a resistance.

Moreover, there is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD that prevented the upside move. The price moved down once again, and currently facing sellers near the 100 hourly simple moving average. The stated MA is also coinciding with the 23.6% retracement level of the last leg from the $12.75 high to $11.73 low. So, it represents a major barrier for a recovery in the near term.

We need to see whether the ETH buyers can break the highlighted resistance area or not. A successful close above the trend line resistance may ignite an upside move. In that situation, one may consider buying with a tight stop for a false break.

Hourly MACD – The MACD is currently in the bearish zone, but attempting to change the slope.

Hourly RSI – The RSI is currently heading north, and may soon attempt to break the 50 level.

Major Support Level – $11.80

Major Resistance Level – $12.00

Charts courtesy – SimpleFX

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.

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.
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