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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – ETH/USD Poised For Break

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • There was a rise towards $91 in ETH price against the US Dollar where it faced resistance and moved down.
  • Yesterday’s highlighted major bearish trend line near $88 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is again heading towards the $84.60 support zone where buyers may appear.

Ethereum price failed to gain momentum against the US Dollar and Bitcoin, and ETH/USD may soon head lower to retest a major support area.

Ethereum Price Support

There was a decent upside move in ETH price towards $91 against the US Dollar, but the momentum was not there. The price traded close to the 76.4% Fib retracement level of the last decline from the $97.90 high to $69.24 low where it faced resistance. The most important thing was a failure to break the 100 hourly simple moving average at $90.98. However, one positive sign was break above yesterday’s highlighted major bearish trend line near $88 on the hourly chart of ETH/USD.

The price is once again heading lower, and trading near the 23.6% Fib retracement level of the last wave from the $69.24 low to $90.98 high. The broken trend line zone at $86-88 is acting as a support. However, a major support is at $84.60. If the price fails to hold it, there are chances of further declines. The next stop could be near the 50% Fib retracement level of the last wave from the $69.24 low to $90.98 high at $80.11.

Ethereum Price Technical Analysis ETH USD

On the upside, the 100 hourly simple moving average may continue to act as a barrier near $91. A break above it must for further gains. So, we may soon witness either a break above $91 or below $84.60.

Hourly MACD – The MACD is slightly in the bearish zone.

Hourly RSI – The RSI is currently just below the 52 level.

Major Support Level – $84.60

Major Resistance Level – $91

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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