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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Ethereum Price Technical Analysis – ETH Buyers Need Encouragement 2016-11-14

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • ETH price after declining towards $9.44 against the US Dollar found support.
  • The price is currently recovering, and facing sellers near a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.
  • The ETH buyers need an encouragement in gaining strength to overcome hurdles on the upside.

Ethereum price is currently attempting to recover against the US Dollar as ETH/USD faces a major hurdle on the upside at $10.10.

Ethereum Price Resistance

This past week we saw how there was a decline in ETH price from the $10.80 level to $9.50 area against the US Dollar. Over the weekend, there was a consolidation phase, as the ETH/USD pair started a minor recovery. During the correction phase, it settled above the 23.6% Fib retracement level of the decline from the $10.63 high to $9.44 low, and currently facing as a major resistance.

There are a couple of important hurdles aligned at $10.05-10 levels, acting as a solid resistance. First, there is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. Second, the 38.2% Fib retracement level of the decline from the $10.63 high to $9.44 low is positioned. Lastly, the 100 hourly simple moving average is also just above the trend line. So, we can say that the $10.05-10 is a major breakout zone for the ETH price.

Ethereum Price Technical Analysis

We need to see if there can be a break above it or not. If the ETH buyers succeed in breaking the mentioned resistance area, then it would open the doors for a further recovery. On the upside, the next resistance in that case may be around the $10.50 level.

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

Hourly RSI – The RSI has also moved above the 50 level, which is a positive sign.

Major Support Level – $10.10

Major Resistance Level – $10.50

 

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
How Our News is Made

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

Ad discliamer

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