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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Price Technical Analysis – ETH/USD Remains Range Bound 2016-11-18

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • ETH price after declining one more time against the US Dollar found support near $9.70.
  • There is a tiny bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which must be breached for an upside move.
  • The price is also below the 100 hourly simple moving average, which is just below the trend line.

Ethereum price remained in a range starting yesterday against the US Dollar, and ETH/USD is waiting for a catalyst for the next move.

Ethereum Price Range

There was a recovery pattern seen in ETH price yesterday against the US Dollar and Bitcoin. However, it could not last long, as the price declined and tested the last swing low of $9.70. However, the ETH buyers managed to protect the downside move, and pushed the price back higher. The price also bounced from the 76.4% Fib retracement level of the decline from the $10.32 high to $9.44 low.

Currently, it looks like there is a range pattern formed on the hourly chart with support on the downside at $9.70, and many resistances on the way up. On the upside an initial resistance is around the 23.6% Fib retracement level of the decline from the $10.20 high to $9.70 low. However, the next one is crucial, which is in the form of a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

Ethereum Price Technical Analysis

The 100 hourly simple moving average is also just below the trend line, which increases the value of the resistance. The last one is the range resistance at $10.20. As long as the price is in a range, it is wise not to trade ETH.

Hourly MACD – The MACD is currently in the bearish zone with stable momentum.

Hourly RSI – The RSI is struggling to break the 50 level, which is needed for buyers to take control.

Major Support Level – $9.70

Major Resistance Level – $10.20

 

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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