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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week
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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 – ETH/USD Holding Key Support 2017-11-22

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read

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Key Highlights

  • ETH price failed to move above the $370 resistance against the US Dollar and started a downside move.
  • There is a key bullish trend line forming with support at $355 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price remains supported above $355 and the 100 hourly simple moving average for more gains.

Ethereum price is supported on the downside against the US Dollar and Bitcoin. ETH/USD must stay above $350 in order to make another upside move.

Ethereum Price Resistance

There was a significant struggle around $270 in ETH price against the US Dollar. The price failed to move above the stated $270 resistance on many occasions. Recently, it declined and traded below the $360 level. However, the downside move was protected by a key bullish trend line forming with support at $355 on the hourly chart of ETH/USD. The pair is holding the trend line support and is currently above the 23.6% Fib retracement level of the last drop from the $370.43 high to $356.28 low.

On the downside, the trend line support is important near $355. Below the mentioned $355, the next crucial support is near the 100 hourly simple moving average around $352. Only a close below $350 and the 100 hourly simple moving average would call for more declines in the short term. On the upside, the next resistance is around the 50% Fib retracement level of the last drop from the $370.43 high to $356.28 low at $363.

 

However, the most important resistance is near $370. A close above $370 is must if ETH has to remain in the bullish zone. Once there is a break and close above $370, the price could easily move towards the $380 and $390 levels.

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

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

Major Support Level – $350

Major Resistance Level – $370

 

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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