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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH/USD Down and Out Below Key Support

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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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 sharply and broke the $220 and $214 support levels against the US Dollar.
  • There was a break below a short-term bullish trend line with support at $222 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair even broke the $200 support and traded as low as $193.

Ethereum price declined and broke important supports against the US Dollar and bitcoin. ETH/USD could correct higher, but upsides could be capped near $208-209.

Ethereum Price Analysis

There were many rejections noted around the $226 and $230 levels in ETH price against the US Dollar. The ETH/USD pair reacted to the downside and broke many supports near the $220 level. It cleared the path for sellers to take control and the price declined more than 8%. There was even a close below the $214 support level and the 100 hourly simple moving average.

To initiate the decline, there was a break below a short-term bullish trend line with support at $222 on the hourly chart of ETH/USD. The decline was such that the price even broke the $200 support and traded as low as $193. At the moment, the price is correcting above $200. Buyers cleared the 23.6% Fib retracement level of the recent decline from the $224 high to $193 low. However, there are many hurdles on the upside near the $208 and $209 levels. More importantly, the 50% Fib retracement level of the recent decline from the $224 high to $193 low is near $209.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price may recover a few points, but it is likely to face hurdles near the $209 level. On the downside, if there is a break below the $194-195 support, there could be more losses towards $180.

Hourly MACD – The MACD is showing heavy selling pressure in the bearish zone.

Hourly RSI – The RSI is now placed around the extreme oversold levels with a tiny correction signal.

Major Support Level – $195

Major Resistance Level – $209

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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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