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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – Buyers Losing Control

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price started to weaken against the US Dollar, and it looks set for more declines as buyers are losing control.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is acting as a resistance.
  • The double top pattern formed yesterday is playing well in pushing the price down.

Ethereum price ETH started correcting lower against the US Dollar. Now we need to see how low it can go before gaining traction once again.

Ethereum Price Decline

Ethereum price ETH climbed higher this week to trade as high as $12.66 where it found sellers and moved down. There was a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, as highlighted yesterday. It is acting as a resistance for the buyers and pushing the price down. Recently, the price also moved below the 100 hourly simple moving average, which is a bearish sign.

No doubt, the price is currently under a bearish pressure, and may move down further. It already broke the 50% Fib retracement level of the last leg from the $10.85 low to $12.66 high. It means there is a possibility of it testing even the last swing low.

Ethereum Price Technical Analysis

In my opinion, the price can test the 76.4% Fib retracement level of the last leg from the $10.85 low to $12.66 high, which is at $11.28. Any further declines may depend on the market sentiment. I believe this is a correction, and once it is complete the price may bounce back. We need to keep tracking the highlighted bearish trend line on the hourly chart, as it may play a crucial role moving ahead.

Hourly MACD – The MACD is currently in the bearish zone, and showing no signs of a changing slope.

Hourly RSI – The RSI is well below the 50 level, which is a bearish sign.

Major Support Level – $11.28

Major Resistance Level – $11.80

 

Charts courtesy – SimpleFX

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

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