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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Ethereum Price Technical Analysis – ETH/USD Bearish Again?

Aayush Jindal
Aayush Jindal
1 year 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 recovered well after a monstrous collapse against the US Dollar to trade towards $11.50.
  • The price failed to remain in the bullish trend, and currently moving lower.
  • There is a short-term bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a support area.

Ethereum price after a decent recovery against the US Dollar started moving down. Does this mean a correction is over in ETH/USD?

Ethereum Price Support

ETH price managed to spike higher after trading as low as $9.23 against the US Dollar. The ETH/USD pair climbed higher and traded as high as $11.35, but it found sellers near the 200 hourly simple moving average, which acted as a barrier. The price is once again moving lower, and already traded below the 100 hourly simple moving average. Moreover, there was also a close below the 23.6% Fib retracement level of the last leg from the $9.23 low to $11.35 high.

So, this means the price may move further down. There are a few support levels on the downside. First, there is a short-term bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. Second, the 38.2% Fib retracement level of the last leg from the $9.23 low to $11.35 high is around the same trend line. Lastly, the $10.50 support area is crucial.

Ethereum Price Technical Analysis

So, if the trend line acts as a perfect support, there is a chance of a bounce back. If there is a break below it, then the price may turn bearish once again. Let us see how it trades today, and whether it can bounce or not.

Hourly MACD – The MACD has changed the slope to the bearish zone.

Hourly RSI – The RSI is now below the 50 level, which is not a good sign for the buyers.

Major Support Level – $10.50

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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