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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH/USD’s Support Turned Key Resistance

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 is facing a strong resistance near the previous support at $224-225 against the US Dollar.
  • There is a declining channel in place with resistance at $223 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to break the $223 and $224 resistance levels to gain traction in the near term.

Ethereum price is mostly consolidating against the US Dollar and bitcoin. ETH/USD could decline once again if there is no close above the $224-225 resistance.

Ethereum Price Analysis

Yesterday, there was a decent recovery above the $220 level in ETH price against the US Dollar. The ETH/USD pair also moved above the 23.6% Fib retracement level of the last drop from the $240 swing high to $214 low. However, the upside move faced a strong resistance near the previous support at $224-225. The price failed to settle above the $224 resistance and is currently moving south.

It is now trading below the 23.6% Fib retracement level of the recent upside move from the $214 low to $225 high. More importantly, it seems like the 100 hourly simple moving average is acting as a solid barrier near $223.50. There is also a declining channel in place with resistance at $223 on the hourly chart of ETH/USD. Therefore, the price has to break the $223 and $224 resistance levels to trade further higher. The next key resistance to the topside is near $234, which is the previous swing high. On the downside, the 61.8% Fib retracement level of the recent upside move from the $214 low to $225 high at $218 is an immediate support.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly struggling to surpass the $224 resistance. If sellers push the price below the $218 support, there could be a downside break towards the $214 and $212 levels.

Hourly MACD – The MACD is slightly placed in the bearish zone.

Hourly RSI – The RSI is currently below the 50 level.

Major Support Level – $218

Major Resistance Level – $224

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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

Ad discliamer

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