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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Technical Analysis – ETH/USD Feeling Bitcoin Pressure

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ETH price after recovering a few points against the US Dollar, failed and moved down towards $7.25.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to ignite a new intraday low.
  • The pair is once again heading lower, and looks set to challenge the recent low.

Ethereum price remained under a bearish pressure against the US Dollar and Bitcoin. Is the main reason for ETH/USD decline rising BTC?

Ethereum Price Decline

Every time there is a minor correction in ETH price versus the US Dollar sellers appear and take the price down. One of the main reasons of a decline in ETH/USD is the rising Bitcoin price. The BTC/USD pair recently surged above $860 and looking set for more gains. This kept pressure on the ETH/BTC pair and in turn ETH price. The ETH/USD pair fell further recently, and even broke yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX).

A new Intraday low of $7.26 was formed before the price started recovering once again. There was a move above the 38.2% Fib retracement level of the last decline from the $7.82 high to $7.26 low. However, the upside move was stopped by a bearish trend line on the hourly chart. Moreover, the 61.8% Fib retracement level of the last decline from the $7.82 high to $7.26 low also acted as a resistance.

Ethereum Price Technical Analysis

The ETH/USD pair is once again heading lower, and remains below the 100 hourly simple moving average. There is a high chance of the price retesting the recent low of $7.26, where buyers may appear.

Hourly MACD – The MACD is back in the bearish slope, and suggesting more losses in the near term.

Hourly RSI – The RSI recently moved below the 50 level, and heading north.

Major Support Level – $7.40

Major Resistance Level – $7.60

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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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

Ad discliamer

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