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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Technical Analysis – ETH/USD Capped By $11.20

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

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Key Highlights

  • ETH price continues to face resistance near the $11.20 level against the US Dollar.
  • It looks like there is a connecting bearish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX), acting as a resistance near $11.20.
  • The pair may continue to trade in a range with support at $10.95 on the downside.

Ethereum price remained confined in a range against the US Dollar, and it looks like the ETH/USD pair is finding it tough to break $11.20.

Ethereum Price Resistance

There were only tiny range moves in ETH price against the US Dollar during the past 24 hours. The price failed to gain momentum, and stayed below the $11.20 resistance area. Yesterday, I highlighted how the stated level is acting as a resistance and preventing further gains towards $11.40. It continued to prevent upsides, and currently stopping an upside break.

At the moment, it looks like there is a connecting bearish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX). It is positioned near the $11.20 resistance and acting as a barrier for the ETH buyers. A break above it is needed if the price has to move further higher. The last few candles are positive, but the price remains capped. It looks like the ETH buyers are waiting for a catalyst for the next move.

Ethereum Price Technical Analysis ETH

On the downside, the range support is formed near $10.95-11.00. As mentioned yesterday, the 23.6% Fib retracement level of the last wave from the $10.24 low to $11.21 high is positioned near it. Moreover, the 100 hourly simple moving average is also aligned near $10.95. So, there is a good base formed near $11.00, which might continue to hold the downside if the price moves down.

Hourly MACD – The MACD is showing no major signs of a bullish break.

Hourly RSI – The RSI is above the 50 level, and remains supported.

Major Support Level – $11.00

Major Resistance Level – $11.20

 

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

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