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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – Can ETH/USD Recover Further? 2018-02-22

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ETH price declined further and traded as low as $806 against the US Dollar before starting a recovery.
  • There is a major bearish trend line forming with resistance at $850 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently correcting higher, but it is facing many resistances such as $850 and $875.

Ethereum price fell sharply against the US Dollar and Bitcoin. ETH/USD is currently recovering, but it won’t be easy for the pair to gain upside momentum.

Ethereum Price Recovery

There was a minor recovery initiated yesterday from the $850 swing low in ETH price against the US Dollar. The price traded higher, but it could recover above the $880-900 resistance zone. It resulted in a downside move and the price traded below $850. It declined by more than $40 and traded close to $800. A low was formed at $806 from where the price started an upside correction.

It has moved above the 38.2% Fib retracement level of the last drop from the $895 high to $806 low. However, there are many resistances on the upside near $850. The stated $850 level was a support earlier and now it could prevent further gains. Moreover, there is a major bearish trend line forming with resistance at $850 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last drop from the $895 high to $806 low is also around the same $850 level. Therefore, a break above the $850 level may ignite further recoveries in the near term.

Ethereum Price Technical Analysis ETH USD

The next major resistance on the upside is at $875 followed by $880. On the downside, an initial support is at $828. Below the mentioned $828, the price may retest the $806 swing low.

Hourly MACD – The MACD is slowly reducing its bearish slope.

Hourly RSI – The RSI has recovered nicely recently, but it is still well below the 50 level.

Major Support Level – $806

Major Resistance Level – $850

 

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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