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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Technical Analysis – ETH/USD Holding Key Support 2017-12-11

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 an upside move after declining towards $420-422 against the US Dollar.
  • There is a major bullish trend line forming with support at $431 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently above the $440 level and the 100 hourly simple moving average, which is a positive sign.

Ethereum price is showing positive signs against the US Dollar and Bitcoin. ETH/USD is gaining pace above $440 and it remains supported on the downside.

Ethereum Price Support

There was a positive movement in ETH price from the $402 low against the US Dollar. The price moved above the $480 level and later started a downside correction. It traded as low as $421.90 and is currently moving higher. Buyers have pushed the price above the 23.6% Fib retracement level of the last decline from the $497.71 high to $421.90 low. The best part was a close above $430 and the 100 hourly simple moving average.

Moreover, the price recently broke a short-term bearish trend line at $440 on the hourly chart of ETH/USD. At the moment, the pair is trading near the 38.2% Fib retracement level of the last decline from the $497.71 high to $421.90 low. A break above the $450 level would open the doors for more gains possibly above the $465 level in the near term. An intermediate resistance sits at $459 and the 50% Fib retracement level of the last decline from the $497.71 high to $421.90 low.

Ethereum Price Technical Analysis ETH USD

On the downside, the 100 hourly SMA at $439 is an initial support. The next major support is around $431 and a major bullish trend line on the same chart. As long as the ETH/USD is above the $430 level, it might continue to rise in the near term.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI has just moved above the 50 level and is showing positive signs.

Major Support Level – $430

Major Resistance Level – $460

 

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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