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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

TA: Ethereum Bears Keeps Fighting, Why ETH Could Slide Again

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum

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Ethereum started a decent upward move above $620 and $630 against the US Dollar. ETH price failed to clear $640 and it is currently struggling to stay above $620.

  • Ethereum remained well bid above the $590 zone and recovered above $620.
  • The price is now consolidating near $620, but it is below the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $625 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could slide again if it fails to stay above the $620 support zone.

Ethereum Price is Struggling to Stay above $620

After a downside extension, Ethereum found support near the $590 zone. ETH traded as low as $588 before it started a fresh increase above the $600 pivot level.

The bulls were able to push the price above the $620 resistance level. There was also a break above a connecting bearish trend line with resistance near $625 on the hourly chart of ETH/USD. Ether even surged above the $630 level and the 100 hourly simple moving average.

However, it failed to clear the $638-$640 zone. A high is formed near $639 and the price is currently declining. There was a break below the $630 level and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

The price is trading below the 23.6% Fib retracement level of the recent wave from the $588 low to $639 high. Ether is now trading near the broken trend line and the $620 support. A downside break below $620 might spark another decline.

The next support is near the $612 level or the 50% Fib retracement level of the recent wave from the $588 low to $639 high. Any more losses could lead the price towards the $600 level.

Fresh Increase in ETH?

If ethereum stays above the $620 support level, it could start a fresh increase. An initial resistance on the upside is near the $628 level or the 100 hourly SMA.

The first major resistance is near the $634 level, followed by the $640 zone. A clear break above the $640 zone could open the doors for a sustained upward move towards the $650 and $660 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently close to the 50 level.

Major Support Level – $620

Major Resistance Level – $635

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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.

Read more

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
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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

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