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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Ethereum Price Tech Analysis – ETH/USD rideTo Face Sellers

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
The highest standards in reporting and publishing
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Key Highlights

  • ETH price attempted a minor bounce against the US Dollar, but faced sellers near $10.40.
  • There is a bearish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX), which has a resistance near $10.30.
  • On the downside, the $10.20 low is acting as a support and preventing losses.

Ethereum price somehow remained above the $10.20 support against the US Dollar, but ETH/USD faces sellers on the upside near $10.30-10.40.

Ethereum Price Resistance

There was a continuous selling pressure on ETH price against the US Dollar with resistance near $10.30-10.40. There is a descending slope forming, which is slowly contracting. It has a support at $10.20 that acted as a barrier for sellers on more than two occasions. The price is currently moving higher, but faces a major resistance near $10.30.

The stated level $10.30 also coincides with a bearish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX). So, it could act as a major hurdle for an upside move. Another important point is the fact that the 100 hourly simple moving average is also positioned near $10.30. The price at the moment trading around the 23.6% Fib retracement level of the last decline from the $10.47 high to $10.20 low.

Ethereum Price Technical Analysis

However, the trend line resistance is near the 38.2% Fib retracement level of the last decline from the $10.47 high to $10.20 low. So, we can say that the $10.30 level is a clear major resistance, and could stop the upside move. On the other hand, a break above it could ignite more gains in the near term with the next hurdle at $10.40.

Hourly MACD – The MACD is back in the bearish zone with no sign of a bullish change.

Hourly RSI – The RSI has slipped below the 50 level, and suggesting more losses.

Major Support Level – $10.20

Major Resistance Level – $10.30

 

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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