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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Ethereum Price Technical Analysis – ETH/USD Extends Decline

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • ETH price failed to hold the downside move against the US Dollar, and broke the $7.85 support area.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a resistance and pushed the price down.
  • The price traded as low as $7.54 and currently attempting a recovery.

Ethereum price extended losses against the US Dollar and Bitcoin. It looks like the ETH/USD pair may keep struggling in the short term.

Ethereum Price Resistance

There was an increase in the bearish pressure on ETH price versus the US Dollar, which ignited more losses. Yesterday, we saw how the price traded below $8.00 and attempted further declines. Now, it broke the last swing low to trade below $7.90 for a new low of $7.54. The most important aspect is the fact that yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a barrier and protected gains.

Another critical point to note is that the price is now below the $7.85 support, which was a major pivot area. It may now act as a resistance and prevent gains. There is a new short-term bearish trend line formed on the same chart, which is currently acting as a resistance. Moreover, the 23.6% Fib retracement level of the last decline from the $8.43 high to $7.54 is at the moment acting as a resistance.

Ethereum Price Technical Analysis

Overall, looking at the hourly chart of ETH/USD, it looks like the pair is below a major support area and facing many resistances. As long as it is below $7.90, the ETH sellers could attempt to take it further down may be towards $7.20.

Hourly MACD – The MACD is now in the strong bearish slope, calling for more losses.

Hourly RSI – The RSI is currently recovering from the oversold readings, but remains below the neutral level.

Major Support Level – $7.50

Major Resistance Level – $7.90

 

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

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