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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Back to Square One

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 badly to move past $309 against the US Dollar and started a new downside wave.
  • There is a short-term bullish trend line with support at $288.50, holding losses on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might correct higher, but likely to decline further towards $280 in the near term.

Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin. ETH/USD failed near $309 and is currently trading below $300.

Ethereum Price Resistance

Yesterday, we saw a decent rise in ETH price above the $300 level against the US Dollar. The price managed to move above $305 and traded close to the $310 level. A high was formed at $309.43 where buyers failed to push the price further higher. There were two attempts to take the price above $309.50, but sellers defended more gains successfully. As a result, a new downside wave was initiated and the price moved below the 38.2% Fib retracement level of the last wave from the $273.67 low to $309.43 high.

The price also moved below the $300 level and the 100 hourly simple moving average. It means the price once again moved back in the bearish zone below $300. At the moment, the price is trading below the 50% Fib retracement level of the last wave from the $273.67 low to $309.43 high. The ETH/USD pair is also attempting a close below a short-term bullish trend line with support at $288.50.

Ethereum Price Technical Analysis ETH USD

Once there is a close below $288.50, there are chances of more declines. On the upside, the 100 hourly SMA at $294 might act as a resistance. Moreover, there is a bearish trend line with resistance at $295.40. Overall, the price is back in the bearish zone and needs to move back above $296 to avoid any further declines.

Hourly MACD – The MACD has just moved into the bearish zone.

Hourly RSI – The RSI is currently well below the 50 level.

Major Support Level – $288

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
How Our News is Made

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