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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – ETH/USD Strength Short-lived

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

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Key Highlights

  • ETH price managed to trade higher above $10.20 against the US Dollar, but failed to hold gains.
  • There was a bearish trend line (as highlighted in yesterday’s post) on the hourly chart (data feed via SimpleFX) of ETH/USD, which was cleared for an upside move.
  • The price traded as high as $10.37 where it found sellers and moved down.

Ethereum price after an upside move towards $10.40 versus the US Dollar failed. ETH/USD is now back trading below $10.20 with support near $9.60.

Ethereum Price Failed Upside?

Yesterday, there were a few bearish signs for ETH price against the US Dollar, but later it found support and started moving higher. The upside move was strong, as the price moved past a couple of important resistance levels. First, the 50% Fib retracement level of the last decline from the $10.58 high to $9.00 low was cleared. Second, the price managed to clear the 100 hourly simple moving average at $9.45.

The most important move was above yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It opened the doors for further gains, and the price moved above the 61.8% Fib retracement level of the last decline from the $10.58 high to $9.00 low. There was a new intraday high formed near $10.37 where sellers emerged and pushed the price down.

Ethereum Price Technical Analysis

There looks like a strong rejection pattern, as the price moved down below the 38.2% Fib retracement level of the last wave from the $9.37 low to $10.37 high. The last few candles on the chart are bearish, and suggest that the price may correct further towards the $9.75 level or even test $9.60.

Hourly MACD – The MACD is reducing the newly formed bullish slope.

Hourly RSI – The RSI has down sharply and currently just above the 50 level.

Major Support Level – $9.60

Major Resistance Level – $10.20

 

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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