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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Price Technical Analysis – ETH/USD Grinding Lower 2017-02-23

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

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Key Highlights

  • ETH price failed once again to overtake $12.70 against the US Dollar, and started moving lower.
  • Yesterday’s highlighted bullish trend line with support at $12.58 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is now below the 100 hourly simple moving average with resistance on the upside at $12.57.

Ethereum price moved down once again against the US Dollar, and it looks like the ETH/USD pair might accelerate the downside towards $12.40.

Ethereum Price Trend Line Resistance

There were continuous offers near $12.65-12.70 in ETH price against the US Dollar. As a result, the price moved down, and broke the $12.60 support area. There was also a break below the 100 hourly simple moving average at $12.60. Moreover, yesterday’s highlighted bullish trend line was broken at $12.58 on the hourly chart of ETH/USD (data feed via SimpleFX).

Lastly, the price also broke the 23.6% Fib retracement level of the last wave from the $12.07 low to $12.73 high. These all are signs that the price may continue to move down. On the upside, there is a bearish trend line with resistance at $12.57. Most importantly, the 100 hourly simple moving average is around the same trend line at $12.57. So, overall, there is a major resistance formed near $12.60, which can also be seen as a sell area.

Ethereum Price Technical Analysis ETH

On the downside, the 38.2% Fib retracement level of the last wave from the $12.07 low to $12.73 high is acting as a support at the moment. A break below it could open the doors for a test of the $12.40 area. Any further declines could even take the price towards $12.32, which is the 61.8% Fib level of the same wave.

Hourly MACD – The MACD has moved in the bearish zone, suggesting bearish signs.

Hourly RSI – The RSI is also below the 50 level.

Major Support Level – $12.40

Major Resistance Level – $12.60

 

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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