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

Ethereum Price Technical Analysis – ETH/USD Fails Again?

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

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Key Highlights

  • ETH price failed to gain momentum and broke the $300 support against the US Dollar.
  • Yesterday’s highlighted connecting bullish trend line with support at $296 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
  • There is a new bearish trend line forming with current resistance at $294.50 on the same chart.

Ethereum price struggled to move further higher against the US Dollar and Bitcoin. ETH/USD is back below $300 and seems to be under bearish pressure.

Ethereum Price Resistance

Yesterday, we saw a nice upside move in ETH price above the $300 level against the US Dollar. The price traded as high as $311.45 before facing sellers and starting a downside move. The price came under pressure during the past sessions and moved below the 50% Fib retracement level of the last wave from the $285.20 low to $311.45 high. It opened the doors for more losses and the price is now trading below the $296 level. It broke a horizontal support at $295-296 to clear the path for more declines.

Moreover, yesterday’s highlighted connecting bullish trend line with support at $296 on the hourly chart of ETH/USD was cleared. During the downside move, sellers managed to push the price back below $290 and the 100 hourly simple moving average. These all are bearish signs since the price is now below $290. It traded as low as $284.03 and might correct in the short term.

Ethereum Price Technical Analysis ETH USD

An initial resistance is around the 23.6% Fib retracement level of the last drop from the $311.45 high to $284.03 low. However, the most important resistance is near the 100 hourly SMA and $296. It also represents the 38.2% Fib retracement level of the last drop from the $311.45 high to $284.03 low.

Hourly MACD – The MACD is now gaining strength in the bearish zone.

Hourly RSI – The RSI has reached the oversold levels.

Major Support Level – $285

Major Resistance Level – $296

 

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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