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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH/USD Extending Slides Below Key Support

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

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Key Highlights

  • ETH price failed to stay above the $202 support and declined recently against the US Dollar.
  • Yesterday’s highlighted important bullish trend line was breached with support at $202 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure below $202 and it could extend its slide in the near term.

Ethereum price broke key support levels against the US Dollar and bitcoin. ETH/USD may decline in the short term towards $198 or $196.

Ethereum Price Analysis

Yesterday, we saw a short term top near the $207 level in ETH price against the US Dollar. The ETH/USD pair started a downside correction and traded below the $205 level. Later, sellers gained traction and pushed the price below the $202 support. Moreover, there was a break below the 100 hourly simple moving average, which is currently at $202.

During the drop, the price moved below the 50% Fib retracement level of the last wave from the $196 low to $207 swing high. More importantly, yesterday’s highlighted important bullish trend line was breached with support at $202 on the hourly chart of ETH/USD. The pair is currently consolidating near the $200 level with a bearish angle. An immediate support is the 61.8% Fib retracement level of the last wave from the $196 low to $207 swing high and $200. Below $200, the price could extend the decline towards the $198 or $196 levels. On the upside, there is a connecting bearish trend line formed with resistance at $202.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price could face a strong resistance near the trend line, $202, and the 100 hourly SMA. Therefore, a break above $202 is needed for buyers to regain control in the short term. The next resistance on the upside is near the $205 level, followed by $207.

Hourly MACD – The MACD is about to move into the bearish zone.

Hourly RSI – The RSI is currently near the 40 level.

Major Support Level – $198

Major Resistance Level – $202

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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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