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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Technical Analysis – Can ETH/USD Buyers Make It?

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

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Key Highlights

  • ETH price continues to trade in a range against the US Dollar and Bitcoin, and waiting for a catalyst.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is almost broken, but with no momentum.
  • The price is currently struggling to clear the 100 hourly simple moving average and facing sellers.

Ethereum price is ranging at the moment against the US Dollar, and it would be interesting to see if ETH/USD buyers can gain traction or not.

Ethereum Price Explosion Ahead?

As we all know, Ethereum 4th Hard Fork is lined up, and it may cause a lot of action in the price. There was no real move during the past 24 hours in ETH/USD and ETH/BTC, and the price mostly traded in a range. Yesterday, I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It was broken recently, but it cannot be considered as a break, as there was no real momentum after it.

The upside move is continuously finding offers near the 100 hourly simple moving average. It is acting as a major hurdle and preventing gains. Moreover, the 23.6% Fib retracement level of the decline from the $10.04 high to $9.29 low is also stopping the buyers from taking the price higher. The most important range resistance is near $9.60. It is a monster resistance, and may be considered as a breakout level. It is also coinciding with the 38.2% Fib retracement level of the decline from the $10.04 high to $9.29 low.

Ethereum Price Technical Analysis

If the ETH buyers fail to take the price higher, then a break below the range support at $9.30 may be very deadly for ETH/USD in the short term.

Hourly MACD – The MACD is currently flat, showing range moves.

Hourly RSI – The RSI is just around the 50 level but with no clear bias.

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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