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

Ethereum Price Technical Analysis – ETH/USD Heading Lower?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price managed to correct towards $19.99 where it found sellers and moved down.
  • It broke a major bullish trend line with support at $19.25 on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price is also below the 100 simple moving average and $19.20, which is not a good sign in the short term.

Ethereum price is currently trading lower below $19.20 against the US Dollar, and it looks like ETH/USD might extend the current downside move.

Ethereum Price Downside Break?

Yesterday, we saw a correction wave towards $19.80-90 in ETH price vs the US Dollar. The price traded as high as $19.99 where it found sellers. It also managed to break the 50% Fib retracement level of the last drop from the $20.54 high to $18.05 low. However, it failed to break the 76.4% Fib level of the same wave. It resulted in a downside move, as the price broke the $19.50 support.

During the downside move, there were two important breaks. First, a major bullish trend line with support at $19.25 on the hourly chart (ETH/USD, data feed via SimpleFX) was cleared. Second, the price settled below 100 simple moving average at $19.20. This means the price is now at a risk of a downside move. It already cleared the 38.2% Fib retracement level of the recent move from the $18.05 low to $19.99 high. If the ETH sellers manage to push the price below $19.00, there can be more declines.

Ethereum Price Technical Analysis ETH USD

Alternatively, we can say a break below the 61.8% Fib retracement level of the recent move from the $18.05 low to $19.99 high at $18.79 might open the doors for $18.05 in the short term.

Hourly MACD – The MACD is almost done with the bullish zone, and about to change the slope.

Hourly RSI – The RSI has moved below the 50 level, which is a bearish sign.

Major Support Level – $19.00

Major Resistance Level – $19.40

 

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.

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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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