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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Weekly Analysis – ETH/USD Remains Pressured

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Weekly Analysis ETH USD

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Key Highlights

  • ETH price continued to face sellers and failed to close above $300 against the US Dollar.
  • There is a crucial bearish trend line forming with current resistance as $288 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to continue moving lower and retest the last swing low of $230 if sellers remain in control.

Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin, and ETH/USD may now decline back towards the previous support.

Ethereum Price Resistance

There was a sharp decline in ETH price towards the $200 handle recently against the US Dollar. The price traded as low as $230 where there was a solid buying interest. The price started a recovery and moved sharply higher. It traded above the $250 and $300 resistances. A high was formed at $316 where sellers defended further gains and prevented a break above $320.

A crucial bearish trend line forming with current resistance as $288 on the 4-hours chart of ETH/USD acted as a barrier. Moreover, the 100 simple moving average on the same chart prevented a close above $300. As a result, the price started declining once more, and traded below $300. It broke the 50% Fib retracement level of the last wave from the $202 low to $316 high. During the downside, the price also cleared the $277 support.

Ethereum Price Weekly Analysis ETH USD

At the moment, it is trading near the 61.8% Fib retracement level of the last wave from the $202 low to $316 high. There are chances of further declines if buyers fail to hold $250. A close below $240 could ignite a sharp downside move towards the next major support at $203.

4-hours MACD – The MACD is gaining pace in the bearish zone and signaling declines.

4-hours RSI – The RSI is now well below the 50 level and heading lower.

Major Support Level – $285.00

Major Resistance Level – $330.00

 

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.

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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
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