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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.4K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is struggling to gain pace above $1,350 against the US Dollar. ETH must clear the $1,380 and $1,400 levels to start a steady increase.

  • Ethereum is facing an increase in selling below the $1,400 level.
  • The price is now trading below $1,400 and the 100 hourly simple moving average.
  • There is a new connecting bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover further if there is a clear move above the $1,400 resistance zone.

Ethereum Price Recovers Slightly

Ethereum formed a base above the $1,300 level and recently started an upside correction. ETH was able to recover above the $1,320 and $1,325 levels.

There was a move above the $1,350 resistance. Ether price climbed above the 38.2% Fib retracement level of the downward move from the $1,475 swing high to $1,282 low. The price even spiked above the $1,375 level, but upsides were limited.

The price failed to gain pace above the 50% Fib retracement level of the downward move from the $1,475 swing high to $1,282 low. It is now trading below $1,400 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,350 level. There is also a new connecting bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. The next major resistance is near $1,380 and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance sits near the $1,400 level. A clear break above $1,400 might start a decent increase towards the $1,450 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,350 resistance and the 100 hourly simple moving average, it could start a fresh decline. An initial support on the downside is near the $1,300 zone.

The next major support is near $1,280. A downside break below the $1,280 support might increase selling pressure. In the stated case, ether price might drop towards the $1,200 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,300

Major Resistance Level – $1,400

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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
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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