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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Breaks Key Support 2017-12-06

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

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Key Highlights

  • ETH price struggled to remain above the $455-460 support area against the US Dollar.
  • There was a break below yesterday’s highlighted key contracting triangle with support at $458 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is now below $455 and the 100 hourly simple moving average, which is a short-term bearish sign.

Ethereum price traded lower against the US Dollar and Bitcoin. ETH/USD is now below the $455-460 support and is under bearish pressure.

Ethereum Price Resistance

Yesterday, buyers fails to hold gains in ETH price above the $460 support area against the US Dollar. The price started a downside move and broke a few important support levels such as $460, $458 and $450. First, there was a break of the 23.6% Fib retracement level of the last upside wave from the $391 low to $480 high. It opened the doors for more losses below $460 and the price moved below the 100 hourly simple moving average.

More importantly, there was a break below yesterday’s highlighted key contracting triangle with support at $458 on the hourly chart of ETH/USD. The pair is currently attempting a break of the 38.2% Fib retracement level of the last upside wave from the $391 low to $480 high. Once there is a break below the $445 level, there can be further declines in the near term towards $435. The next major support is around the 50% Fib retracement level of the last upside wave from the $391 low to $480 high around $435.

Ethereum Price Technical Analysis ETH USD

On the upside, the broken support at $458-460 and the 100 hourly SMA might now act as a resistance. Overall, more losses likely as long as the price is below $460.

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

Hourly RSI – The RSI is now well below the 50 level and is eyeing the 30 level.

Major Support Level – $435

Major Resistance Level – $460

 

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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