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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains
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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains

Ethereum Price Technical Analysis – ETH/USD Could Decline Further 2018-03-08

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price faced a lot of selling pressure and declined below the $760 support against the US Dollar.
  • There is a crucial bearish trend line forming with resistance at $821 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair recently broke a bullish trend line at $838 and horizontal support at $775 to move into the bearish zone.

Ethereum price is under heavy selling pressure against the US Dollar and Bitcoin. ETH/USD is now in the bearish zone and it could decline further below $715.

Ethereum Price Trend

There was a bearish trend initiated this week from well above $840 in ETH price against the US Dollar. The price started a downside move and traded below the $830 support. There was also a break below a bullish trend line at $838 and horizontal support at $775. It opened the doors for more losses and the price closed below the $775 level and the 100 hourly simple moving average.

A low was formed at $714 recently from where the price started an upside correction. It tested the 23.6% Fib retracement level of the last decline from the $856 high to $714 low. However, it seems like the price is struggling to move above the $750-760 resistance zone. On the upside, there is a major resistance near $775. The stated level was a support earlier and now it may act as a resistance. The stated $775 level is also near the 50% Fib retracement level of the last decline from the $856 high to $714 low.

Ethereum Price Technical Analysis ETH USD

Furthermore, there is a crucial bearish trend line forming with resistance at $821 on the hourly chart of ETH/USD. Overall, the pair is in a bearish trend and it may even break the recent low of $714 low.

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

Hourly RSI – The RSI is near extreme oversold levels.

Major Support Level – $700

Major Resistance Level – $775

 

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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