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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Extends Decline 2017-10-18

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

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Key Highlights

  • ETH price failed to remain above the $317 swing low against the US Dollar and extended its decline.
  • There is a connecting bearish trend line forming with current resistance at $310 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to decline and could even test the $300.00 handle in the near term.

Ethereum price extended its decline against the US Dollar and Bitcoin. ETH/USD might slide further and could test the $300-296 support zone.

Ethereum Price Decline

Yesterday, we saw the start of a downside move in ETH price below $335 against the US Dollar. The price remained under a bearish pressure and traded below $330 and the 100 hourly simple moving average. Sellers got back in control and even took the price below the last swing low of $317. It has opened the doors for more gains since the price is now below $315. A break below the 50% Fib retracement level of the last wave from the $296.34 low to $350.52 high points to further losses.

At the moment, the price is trading below $310 and eyeing a test of the $300 level. Since, the price is already below the 76.4% Fib retracement level of the last wave from the $296.34 low to $350.52 high, there is a chance of ETH retesting $296.34. On the upside, there is a connecting bearish trend line forming with current resistance at $310 on the hourly chart of ETH/USD.

Ethereum Price Technical Analysis ETH USD

It won’t be easy for buyers to push the price back above $315-317 levels. On the downside, an immediate support is at $300 followed by the last swing low at $296.34. Selling rallies in the short term towards $315-320 can be considered with a stop above $330.

Hourly MACD – The MACD is placed well in the bearish zone.

Hourly RSI – The RSI is currently near the oversold levels.

Major Support Level – $300

Major Resistance Level – $317

 

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

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Created by industry experts and meticulously reviewed
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