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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week

Ethereum Price Technical Analysis 2017-11-08

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price failed to remain above the $296 support area against the US Dollar and moved down.
  • There was a break below yesterday’s contracting triangle with support at $296 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price found bids near $286 and is currently correcting higher towards $295.

Ethereum price declined against the US Dollar and Bitcoin. ETH/USD broke $296 to move into the bearish zone in the short term.

Ethereum Price Support

Yesterday, we saw a breakout pattern formation for ETH price above $295 against the US Dollar. The price failed to remain in the positive zone and started a downside move below $301. There was a failure to break the 61.8% Fib retracement level of the last decline from the $302.60 high to $294.10 low. It opened the doors for a downside reaction and the price broke $298 and the 100 hourly simple moving average.

The downside move was such that there was a break below yesterday’s contracting triangle with support at $296 on the hourly chart of ETH/USD. The price even moved below the $292 support for a move below $290. The pair traded as low as $286.02 and is currently correcting higher. It has moved above the 23.6% Fib retracement level of the last decline from the $301.08 high to $286.02 low. However, there are many hurdles waiting on the upside near $294 and $295.

Ethereum Price Technical Analysis ETH USD

The 100 hourly SMA is at $295.10 to prevent upsides. The mentioned level also coincides with the 61.8% Fib retracement level of the last decline from the $301.08 high to $286.02 low. Therefore, if the price continues to move higher, it could face sellers near $295 and $296 in the short term.

Hourly MACD – The MACD is back in the bearish zone.

Hourly RSI – The RSI is moving higher back towards the 50 level.

Major Support Level – $286

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

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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