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Ethereum Price Technical Analysis – ETH/USD May Retest $240

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

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Key Highlights

  • ETH price struggled to move higher and broke an important support at $284 against the US Dollar.
  • Yesterday’s highlighted declining channel pattern with support near $270 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
  • The price might continue to decline and could even trade towards the $240 level.

Ethereum price upside seems to be exhausted against the US Dollar and Bitcoin. ETH/USD broke $280 and now it can even test the $240 support in the near term.

Ethereum Price Resistance

There was a complete failure in ETH price to surpass the $290 level against the US Dollar. The price consolidated in a range below $290, but finally sellers had the upper hand. ETH declined and broke a couple of important support levels to trade below the $270 level. First, there was a break of the $285 support and the 100 hourly simple moving average. Second, yesterday’s highlighted declining channel pattern with support near $270 on the hourly chart of ETH/USD was cleared.

It opened the doors for more losses and the price moved below the $280 support and the 23.6% Fib retracement level of the last wave up from the $198.75 low to $298.70 high. The price also succeeded in breaking a crucial bullish trend line with support at $270 on the same chart. There was even a spike towards the 50% Fib retracement level of the last wave up from the $198.75 low to $298.70 high.

Ethereum Price Technical Analysis ETH USD

The broken support on the upside near $280 and the 100 hourly simple moving average might act as resistances going forward. On the downside, the next major support is near $240 and the 61.8% Fib retracement level of the last wave up from the $198.75 low to $298.70 high.

Hourly MACD – The MACD is now well placed into the bearish zone.

Hourly RSI – The RSI is currently recovering from the oversold levels.

Major Support Level – $240

Major Resistance Level – $280

 

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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