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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Analysis – ETH/USD Testing Important Support

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

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Key Highlights

  • ETH price failed to move above the $965 and $1,000 resistance levels and declined against the US Dollar.
  • There are two bearish trend lines forming with resistance at $830 and $865 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently trading near the $780-800 support area, which holds a lot of importance in the near term.

Ethereum price declined recently against the US Dollar and Bitcoin. ETH/USD looks like struggling to recover and is currently trading near a major support at $780-800.

Ethereum Price Decline

There was a minor recovery initiated in ETH price above the $850 level against the US Dollar. The price traded above the $900 level and moved towards the $1,000 level. It failed to settle above the $965 and $1,000 resistance levels and started a downside move. The decline was crucial since the price moved below the 50% Fib retracement level of the last wave from the $738 low to $988 high. It seems like the price failed to gain traction and declined back below $900.

The upside move was prevented by a key pivot zone near $960-980. To the topside, there are two bearish trend lines forming with resistance at $830 and $865 on the hourly chart of ETH/USD. The first trend line is not significant and the pair may break it for a move towards $860-880. However, it won’t be easy for buyers to clear the $860-880 resistance area. Above $800, the price may test the 100 hourly simple moving average. At the present, the price is trading just above the 76.4% Fib retracement level of the last wave from the $738 low to $988 high.

Ethereum Price Technical Analysis ETH USD

If the price fails to stay above $780, there could be a retest of the $735-740 support zone.

Hourly MACD – The MACD is once again gaining momentum in the bearish zone.

Hourly RSI – The RSI is showing a lot of bearish signs.

Major Support Level – $780

Major Resistance Level – $880

 

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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