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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum Price Technical Analysis – ETH/USD Breaks Key Support 2017-12-22

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price moved down and broke a key support area at $760 against the US Dollar.
  • Yesterday’s highlighted contracting triangle with support near $758 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is now below the $720 level and is approaching the next major support at $700.

Ethereum price is extending correction against the US Dollar and Bitcoin. ETH/USD is approaching $700 and it might decline further.

Ethereum Price Decline

It seems like a major top has formed around the $860 level in ETH price against the US Dollar. The price was seen consolidating above the $800 and $760 support levels for some time. However, the price failed to hold gains and started a downside wave. During the downside, it broke the $800 and $760 support levels. There was also a break below the 50% Fib retracement level of the last wave from the $675.11 low to $864.53 high.

More importantly, yesterday’s highlighted contracting triangle with support near $758 was broken on the hourly chart of ETH/USD. The pair is now well below the $750 level and the 100 hourly simple moving average. These are negative signs and pointing toward more losses below $700 in the short term. At the moment, the pair is below the 76.4% Fib retracement level of the last wave from the $675.11 low to $864.53 high. Therefore, there are chances of more losses below $720 and $700.

Ethereum Price Technical Analysis ETH USD

On the upside, the broken support near $750 and $760 may act as a strong resistance. Moreover, the 100 hourly SMA is around $780 to prevent further upsides in the near term. On the downside, supports are present at $680 and $675.

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

Hourly RSI – The RSI is currently around the oversold levels, but with no sign of an upside move.

Major Support Level – $675

Major Resistance Level – $760

 

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
The highest standards in reporting and publishing
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