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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Ethereum Price Technical Analysis – ETH Facing Tough Resistance

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

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Key Highlights

  • Ethereum price after a decline against the US Dollar started a consolidation below a major resistance area.
  • There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which can be seen as a major barrier for an upside move.
  • The price is below the 100 hourly simple moving average, which is also acting as a resistance zone.

Ethereum price after weakening started trading in a range. It looks like it is facing a tough resistance on the upside, which is stalling gains.

Ethereum Price Resistance

Ethereum price ETH after moving a few points below the $10.00 level against the US Dollar found bids, and started to correct higher. However, the ETH/USD pair is facing a major resistance on the upside, which is preventing the price to gain further. An initial resistance is around the 100 hourly simple moving average, which is acting as a hurdle and stopping the bulls from taking ETH higher.

However, the most important barrier for the bulls is around a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted trend line and resistance acted as a resistance earlier and can continue to stop gains in the short term. As long as the price is below the trend line, there are chances of more downsides.

Ethereum Price Technical Analysis

An initial support on the downside is at 50% Fib retracement level of the last leg from the $9.14 low to $11.30 high. If the ETH bears manage to gain strength, then a move towards the 61.8% Fib retracement level of the same leg is possible in the short term.

Hourly MACD – The MACD is in the bearish zone, calling for more downsides moving ahead.

Hourly RSI – The RSI has moved below the 50 level, which is not a good sign for people looking for buy ETH.

Major Support Level – $10.00

Major Resistance Level – $10.50

 

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
The highest standards in reporting and publishing
How Our News is Made

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