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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

ETH/USD Consolidating Below $400

Aayush Jindal
Aayush Jindal
Last Updated: April 2, 2018 2:15 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • There were a few swing moves in ETH price below $400 against the US Dollar.
  • There is a connecting bullish trend line with support at $325 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently struggling to break $390-400, and may correct a few points lower.

Ethereum price corrected lower after a nasty ride against the US Dollar and Bitcoin, and now ETH/USD is consolidating below $390-400 resistance.

Ethereum Price Resistance

In yesterday’s analysis, we discussed the chances of ETH price trading above the $350 resistance against the US Dollar. The price did trade higher, broke the $350 level and moved a few points above the $400 handle. A high was formed at $404.35 where sellers took a stand and pushed the price lower. There were a couple of sharp declines in ETH price, but every dip was well protected above $300. Buyers were in control, as they brought the price back up.

The price recently traded as low as $298, but there was no close below the 100 hourly simple moving average. A connecting bullish trend line with support at $325 on the hourly chart of ETH/USD prevented losses. The pair is now back trading higher and testing the $380-390 resistance. There is a chance of a minor correction towards the 23.6% Fib retracement level of the last wave from the $298.05 low to $394.18 high.

Ethereum Price Technical Analysis ETH USD

Downsides remain supported above $350-360. An intraday pivot can be seen around the 50% Fib retracement level of the last wave from the $298.05 low to $394.18 high at $346. Below $346, the trend line support at $325 might come into play. Overall, the trend is still bullish, and the price may soon move above $390 once the current consolidation is over.

Hourly MACD – The MACD is gaining pace in the bullish slope.

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

Major Support Level – $347

Major Resistance Level – $390

 

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
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How Our News is Made

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