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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis – ETH/USD Ranging Before Next Move

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

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Key Highlights

  • ETH price struggle to recover against the US Dollar and Bitcoin continued during the past 24 hours.
  • There is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, acting as a barrier for an upside move.
  • It looks like there is a range pattern formed with resistance at $9.60, and support at $9.30.

Ethereum price is currently trading in a range against the US Dollar, and once it breaks, it may ignite the next move in ETH/USD.

Ethereum Price to Decline Further?

There was no respite for ETH price over the weekend, as it remained under a bearish pressure against the US Dollar and Bitcoin. There was a slight decline in ETH/USD, and the pair almost tested the last swing low of $9.30. Looking at the charts, it looks like the pair is preparing for the next move, and currently trading in a range. There is a crucial bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

The highlighted trend line may play a major role in the near term. There is also a range pattern with resistance at $9.60, and support at $9.30. The range resistance is near the trend line. So, it holds a lot of value, and may protect an upside move near $9.50-60. Moreover, the 23.6% Fib retracement level of the decline from the $10.04 high to $9.29 low is also just below the trend line.

Ethereum Price Technical Analysis

Last, the 100 hourly simple moving average is just above the trend line. So, it looks like the ETH price remains at a major risk. If the bulls fail, there can be further declines in ETH/USD.

Hourly MACD – The MACD is currently flat in the bearish zone.

Hourly RSI – The RSI is just below the 50 level but with no real momentum.

Major Support Level – $9.30

Major Resistance Level – $9.60

 

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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