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Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

Ethereum Price Technical Analysis – ETH/USD Struggle Continues 2017-10-04

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

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Key Highlights

  • ETH price is now following a declining path and moved below the $294 support against the US Dollar.
  • There is an expanding triangle forming with resistance at $294 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might correct higher, but upsides seem to be capped by the $294-296 resistance.

Ethereum price is now under bearish pressure against the US Dollar and Bitcoin. ETH/USD might extend its decline below $290 in the near term.

Ethereum Price Downside Move

There was a minor recovery from the $292 swing low in ETH price yesterday against the US Dollar. The price failed to move above the $299 level and declined. The downside move was strong enough to break the swing low of $292. There was even a break of the $290 support and the price traded as low as $285.73. At the moment, the price is recovering and moved above the 23.6% Fib retracement level of the last decline from the $298.87 high to $285.73 low.

On the upside, there is a major resistance forming near $294. An expanding triangle forming with resistance at $294 on the hourly chart of ETH/USD is waiting to act as a hurdle. An immediate resistance is around the 50% Fib retracement level of the last decline from the $298.87 high to $285.73 low. It won’t be easy for buyers to break the $293-294 resistance area.

Ethereum Price Technical Analysis ETH USD

However, once there is a close above $294, buyers might step in and push the price above $300. In the short term, there is a lot of bearish pressure below $294. Selling rallies close to $294 can be considered with a tight stop on the short term.

Hourly MACD – The MACD is currently reducing its slope in the bearish zone.

Hourly RSI – The RSI is just below the 50 level and eyeing an upside break.

Major Support Level – $286

Major Resistance Level – $294

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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