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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Price Analysis: ETH/USD Poised For Continued Weakness

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 did not move higher above the $201 and $203 resistances against the US Dollar.
  • Yesterday’s highlighted important bearish trend line is in place with resistance at $200 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if there is a downside break below the $196-197 support.

Ethereum price is under pressure against the US Dollar and bitcoin. ETH/USD must stay above $196 to avoid a downside break in the near term.

Ethereum Price Analysis

During the past few hours, there were mostly range moves below $201 in ETH price against the US Dollar. The ETH/USD pair failed to move higher above the $201 and $203 resistances, and declined slowly. There was a bearish structure formed after the price failed to break the $200.65-201.00 zone. The price also failed to clear the 50% Fib retracement level of the last drop from the $204 swing high to $198 low.

More importantly, yesterday’s highlighted important bearish trend line is in place with resistance at $200 on the hourly chart of ETH/USD. The price is also trading well below the $201 pivot level and the 100 hourly simple moving average. If there is a break above the trend line, the price may struggle near $201-202. It represents the 61.8% Fib retracement level of the last drop from the $204 swing high to $198 low. A convincing close above the $201 level and the 100 hourly SMA is needed for buyers to start a decent recovery. On the downside, the $196 and $197 levels are important supports. Below these, the price may drop sharply towards the $185 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly following a bearish structure below $201. To recover, the price must break the $200, $201 and $202 resistance levels in the near term.

Hourly MACD – The MACD is still in the bearish zone.

Hourly RSI – The RSI is showing no recovery signs below the 50 level.

Major Support Level – $197

Major Resistance Level – $201

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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
How Our News is Made

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

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