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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – Can ETH/USD Bounce Back? 2017-10-19

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

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Key Highlights

  • ETH price declined below the $295 support against the US Dollar before finding support.
  • Yesterday’s highlighted connecting bearish trend line with resistance at $301 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might struggle to gain momentum and likely to correct lower towards $300 once again.

Ethereum price is slowly recovering against the US Dollar and Bitcoin. ETH/USD might struggle to move above $318-324 in the near term.

Ethereum Price Resistance

There was a sharp decline in ETH price below $310 against the US Dollar. The price traded below the $300 and $295 support levels and traded as low as $285.99. A low was formed and the price started an upside correction from $285.99. During the upside, the price was able to break the 23.6% Fib retracement level of the last decline from the $350.52 high to $285.99 low.

The best part was a break above yesterday’s highlighted connecting bearish trend line with resistance at $301 on the hourly chart of ETH/USD. At the moment, the price is struggling to settle above the 38.2% Fib retracement level of the last decline from the $350.52 high to $285.99 low. Therefore, there are chances that the pair might dip once again towards the $300 handle before moving back higher.

Ethereum Price Technical Analysis ETH USD

On the upside, the most important resistance is near the 50% Fib retracement level of the last decline from the $350.52 high to $285.99 low at $318. Above $318, the 100 hourly simple moving average is positioned at $324. Therefore, the $318-324 levels might act as a strong resistance for buyers if the price continues to move higher. On the downside, the $300 level is a short-term support followed by $295.

Hourly MACD – The MACD is slowly moving back in the bullish zone.

Hourly RSI – The RSI is now back above the 50 level.

Major Support Level – $295

Major Resistance Level – $324

 

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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The highest standards in reporting and publishing
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