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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Break Looks Real

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

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Key Highlights

  • ETH price made a sharp downside move against the US Dollar, and broke the $9.80 support zone.
  • Yesterday’s highlighted connecting bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared to open the gates for more declines.
  • There was a sharp decline in Bitcoin price due to the PBOC investigation announcement, which caused a decline in ETH too.

Ethereum price collapsed against the US Dollar due to a sharp selling in BTC after the PBOC investigation announcement. More losses to follow in ETH/USD?

Ethereum Price Declines

ETH price was seen holding the $10.05 support area against the US Dollar yesterday, but it could not hold for long. There was a sharp selling initiated in BTC price due the PBOC investigation announcement. It took ETH price down as well against the US Dollar. During the downside move, the price broke a couple of important support levels. First, yesterday’s highlighted connecting bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared.

Second, there was a break below the 50% Fib retracement level of the last wave from the $9.40 low to $10.66 high. Later, the price also cleared another bullish trend line on the same chart at $9.88. So, we can say that there was a clear break in ETH/USD. The price traded as low as $9.15, which was close to the 1.236 extension of the last wave from the $9.40 low to $10.66 high.

Ethereum Price Technical Analysis

The price is currently recovering, but the upside move looks unstable and without momentum. The broken support area at $10.05 is now resistance. An initial resistance could be around the $9.88 level where sellers may appear.

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

Hourly RSI – The RSI is recovering from the oversold reading.

Major Support Level – $9.20

Major Resistance Level – $9.88

 

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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