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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ethereum Price Technical Analysis – Can ETH/USD Break This? 2016-11-24

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
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 continue to struggle against the US Dollar even after a successful Ethereum network 4th Hard Fork.
  • There is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently holding the downside.
  • A break below the trend line support area may open the doors for more losses.

Ethereum price is under a bearish pressure once again versus the US Dollar, and it looks like the ETH/USD pair may break the $9.50 support.

Ethereum Price Support

We all know that the Ethereum network 4th Hard Fork was successful. However, it did not help ETH price much, as there was no major upside move against the US Dollar and Bitcoin. In fact, the price moved down after the hard fork was completed. The price is currently under a bearish pressure, and trading near a major support area at $9.50, which holds the key in the short term.

The stated level is important because a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD is positioned near it. Also, the 100 hourly simple moving average is around the same trend line support. Lastly, the 76.4% Fib retracement level of the wave from the $9.36 low to $10.08 low is also around the same zone. So, we can say that the $9.50 support is a crucial juncture for the ETH/USD pair.

Ethereum Price Technical Analysis

It won’t be easy for the pair to break it. However, if there is a break below it, then it may open the doors for more losses in the short term. So, if you are a seller, watch out for the highlighted trend line and support area.

Hourly MACD – The MACD is now back in the bearish slope, but with less momentum.

Hourly RSI – The RSI has moved below the 50 level, which is not a good sign.

Major Support Level – $9.50

Major Resistance Level – $9.80

 

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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