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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ethereum Price Technical Analysis – ETH/USD Bearish Signs Emerge

Aayush Jindal
Aayush Jindal
1 year ago
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 traded a touch lower against the US Dollar, and closed below the $9.50 support area.
  • Yesterday’s ascending channel pattern on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for more downsides.
  • There is a bearish trend line on the same chart, acting as a resistance near $9.45.

Ethereum price is currently moving down against the US Dollar, and it looks like the ETH/USD pair is slowly moving into the bearish zone.

Ethereum Price Resistance

Yesterday, we saw how ETH price was trading in an ascending channel against the US Dollar. However, the price failed to hold the support area, and moved down below $9.50. The most important point was the fact that the price also broke the ascending channel pattern on the hourly chart (data feed via SimpleFX) of ETH/USD. It opened the doors for a downside move towards the $9.35 level.

If we consider the wave count correctly, the price failed to break the 50% Fib retracement level of the last decline from the $10.58 high to $9.00 low. Later, there was a consolidation channel pattern formed, which was a broken yesterday. So, it looks like the price may trade down further and head towards $9.20. Another point is that the price has moved below the 100 hourly simple moving average.

Ethereum Price Technical Analysis

So, there are high chances of sellers taking control in the short term for a downside move. On the upside, there is a bearish trend line on the same hourly chart, which is acting as a resistance near $9.45. Overall, the price is currently under a resistance, and may trade down in the near term.

Hourly MACD – The MACD is in the bearish zone, but it is not showing any major movement.

Hourly RSI – The RSI has moved below the 50 level with a negative bias.

Major Support Level – $9.20

Major Resistance Level – $9.50

 

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
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The highest standards in reporting and publishing
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