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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Struggle Continues 2017-04-12

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

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Key Highlights

  • ETH price remained above the $42.60 support area against the US Dollar, but struggled to break higher.
  • This week’s highlighted bearish trend line with resistance at $43.85 on the hourly chart (ETH/USD, data feed via SimpleFX) continues to act as a barrier.
  • The price is now trading in a tiny range with a short-term support at $43.25.

Ethereum price continues to struggle to clear a major resistance near $43.80-44.00 against the US Dollar, and now ETH/USD is trading in a range.

Ethereum Price Major Hurdle

There was a minor upside push in ETH price towards $43.80 against the US Dollar. However, the price was not able to clear a major hurdle near $43.85-44.00. Starting from the $42.54 low, the price made an upside move, and climbed above the 23.6% Fib retracement level of the last decline from the $45.60 high to $42.54 low. This ignited more gains, but the upside move was limited by the $44.00 handle.

The price even traded close to the 50% Fib retracement level of the last decline from the $45.60 high to $42.54 low. But, it failed to sustain momentum, and moved a few points lower. At the moment, the most important resistance is near $44.00. It also coincides with this week’s highlighted bearish trend line with resistance at $43.85 on the hourly chart ETH/USD. The trend line resistance is positioned with the 38.2% Fib retracement level of the last decline from the $45.60 high to $42.54 low.

Ethereum Price Technical Analysis – ETH/USD

Also, the 100 hourly simple moving average is near $44.00. So, it looks like the $43.85-44.00 area remains a major hurdle. The price needs to clear it for a move towards the last swing high at $45.60. On the downside, an initial support is at $42.50.

Hourly MACD – The MACD is mostly flat with no major bias.

Hourly RSI – The RSI is just above the 50 level.

Major Support Level – $42.50

Major Resistance Level – $44.00

 

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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