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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Ethereum Price Technical Analysis – Can ETH/USD Hold This? 2018-03-26

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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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price is struggling to correct higher and is currently trading below $540 against the US Dollar.
  • There is a crucial bearish trend line forming with resistance at $530 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is holding a major support zone at $508-513, which holds the key in the near term.

Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses below the $508 level if it fails to move above $530.

Ethereum Price Upside Hurdle

There was no major upside recovery above $540 in ETH price against the US Dollar. The price declined and moved below the $530 and $525 support levels. It is now trading well below the $540 level and the 100 hourly simple moving average. The downside pressure was such that the price formed many bearish structures below $540. However, the price is still holding the $500 support zone.

There are two important support levels on the downside at $508 and $513. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $590 high to $506 low. Moreover, there is also a crucial bearish trend line forming with resistance at $530 on the hourly chart of ETH/USD. The same trend line resistance is near the 100 hourly SMA and the mentioned Fib level. Above the $530 resistance, the next hurdle is around the 50% Fib retracement level of the last decline from the $590 high to $506 low at $548.

Ethereum Price Technical Analysis ETH USD

Only a close above the $548-550 zone could push the price back in the bullish zone. On the downside, a break below the $508 support and close below $500 may call for more losses.

Hourly MACD – The MACD is now placed nicely in the bearish zone.

Hourly RSI – The RSI is currently below the 50 level.

Major Support Level – $508

Major Resistance Level – $530

 

Charts courtesy – Trading View

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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