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Ethereum Price Technical Analysis 2017-10-17

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

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Key Highlights

  • ETH price struggled to remain above the $337 support zone against the US Dollar and moved down.
  • There was a break below a key bullish trend line with support at $332 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to correct lower and could even retest the last swing low of $317.

Ethereum price is losing grip against the US Dollar and Bitcoin. ETH/USD might correct lower towards $317 in the near term since it is below $332.

Ethereum Price Support

After a successful hard fork, there was no major upside move in ETH price above $340 against the US Dollar. The price remained below the $350 level and started a downside move. Initially, there was a break below the 23.6% Fib retracement level of the last wave from the $317.31 low to $350.52 high. It opened the doors for more losses below the $340 level. During the downside, there was a break below a key bullish trend line with support at $332 on the hourly chart of ETH/USD.

The pair even broke the 50% Fib retracement level of the last wave from the $317.31 low to $350.52 high. Later, it settled below $325 and the 100 hourly simple moving average. At the moment, the price is trading just above the 76.4% Fib retracement level of the last wave from the $317.31 low to $350.52 high. Therefore, there are chances of ETH testing the last swing low of $317 once again.

Ethereum Price Technical Analysis ETH USD

Below $317, sellers may look to take control. The price could even move toward the $308 support zone. On the upside, the broken support at $332 would now serve as a resistance along with the 100 hourly SMA.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is well below the 50 level and heading lower.

Major Support Level – $317

Major Resistance Level – $332

 

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

Ad discliamer

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