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Ethereum Price Technical Analysis -ETH/USD Short-term Correction 2017-11-06

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

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Key Highlights

  • ETH price started a new downside wave from the $305.22 swing high against the US Dollar.
  • There is a bearish trend line forming with resistance at $293.80 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to move down towards the $291 and $288 support levels.

Ethereum price is in a short-term declining phase against the US Dollar and Bitcoin. ETH/USD might retest $288 to gather bids in the near term.

Ethereum Price Downside Move

There was an upside move recently in ETH price above the $300 level against the US Dollar. The price traded as high as $305.22 where sellers appeared and protected by upsides. A new short-term downside wave was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $274.65 low to $305.22 high. At the moment, the price is approaching the $291 support and the 100 hourly simple moving average.

The 38.2% Fib retracement level of the last wave from the $274.65 low to $305.22 high is also near $293 to provide support. However, the most important support is near the previous resistance at $288. The mentioned level is just below the 50% Fib retracement level of the last wave from the $274.65 low to $305.22 high. Therefore, the $290-288 support area might hold the current decline.

Ethereum Price Technical Analysis ETH USD

On the upside, there is a bearish trend line forming with resistance at $293.80 on the hourly chart of ETH/USD. Once there is a break above the trend line resistance at $293.80, there are chances of more upsides in the near term. The next major resistance on the upside is at $305.00 followed by the $308-310 area.

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

Hourly RSI – The RSI is currently well below the 50 level with slight bearish signs.

Major Support Level – $288

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

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