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Ethereum Price Technical Analysis – ETH/USD About To Break? 2017-05-03

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

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Key Highlights

  • There is a declining resistance formed in ETH price against the US Dollar, which is currently at $83.30.
  • A contracting triangle pattern with support at $80.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may soon either move above $83.30 or break $80.80 for more losses in the near term.

Ethereum price is slightly under pressure against the US Dollar and Bitcoin, and it looks like the ETH/USD pair is about to break a pattern for the next move.

Ethereum Price Resistance

In yesterday’s analysis, we saw how the $77 support prevented more declines in ETH price against the US Dollar. Later, the price recovered and was seen trading above the $80 handle. It also moved above the 50% Fib retracement level of the last decline from the $87.30 high to $76.93 low. It was a positive sign, but for some reason, the price was not above to move past $85, and now back lower.

The ETH/USD pair is currently trading inside a contracting triangle pattern with support at $80.80 formed on the hourly chart. On the upside, the triangle resistance is at $83.30. It also coincides with the 61.8% Fib retracement level of the last decline from the $87.30 high to $76.93 low. On the downside, the triangle support is just above $80.

Ethereum Price Technical Analysis ETH USD

The best part is the fact that the 100 hourly simple moving average is at $79.30, waiting to provide support. So, if the price moves down, there are many supports around $80. On the upside, a break above $83.30 might call for a move towards the 76.4% Fib retracement level of the last decline from the $87.30 high to $76.93 low at $84.86. The most important resistance is the last swing high at $87.30.

Hourly MACD – The MACD is almost flat with no sign of a major move.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $80.80

Major Resistance Level – $83.30

 

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

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