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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Ethereum Price Weekly Analysis – ETH/USD Recovery Unlikely

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum Price Weekly Analysis

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Key Highlights

  • ETH price started to decline after trading as high as $10.84 against the US Dollar.
  • There is a bearish trend line formed on the 4-hours chart (data feed via SimpleFX) of ETH/USD, which is currently a resistance near $10.40.
  • The price is currently above the 100 hourly simple moving average, which is a good support at $10.00.

Ethereum price is in a downtrend at the moment against the US Dollar, and it looks like a recovery in ETH/USD is unlikely in the near term.

Ethereum Price Resistance

This past week we saw how Ehereum price struggled against the US Dollar, starting from the $10.84 high. There was a downside wave initiated, as the price moved below $10.50. There was also a break below the 23.6% Fib retracement level of the last wave from the $9.57 low to $10.84 high. The move was so strong that the price broke the 38.2% fib level of the same wave.

The downside was paused just above the $10.10 level. There is a clear bearish trend line formed on the 4-hours chart (data feed via SimpleFX) of ETH/USD. It has a resistance near $10.40, which may continue to act as a hurdle for the ETH buyers. A break above it could start a reversal process in Ethereum price. On the downside, the 50% Fib retracement level of the last wave from the $9.57 low to $10.84 high is acting as a support.

Ethereum Price Weekly Analysis

There was no proper close below the $10.10 support, as the price continued to stay above it. A break below it might call for further losses in the near term. In short, as long as the price is below the trend line or $10.40, ETH/USD remains in a downtrend.

4-hours MACD – The MACD is in the bearish zone, but attempting to change the slope.

4-hours RSI – The RSI is just below the 50 level, which is a bearish zone.

Major Support Level – $10.10

Major Resistance Level – $10.40

 

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.

Read more

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
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