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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Technical Analysis – ETH/USD Nosedives Below $900

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price failed to gain pace above $940 and declined sharply against the US Dollar.
  • There was a break below a major bullish trend line with support at $925 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is now trading below the $900 level and it seems like the price may struggle to correct higher.

Ethereum price declined sharply against the US Dollar and Bitcoin. ETH/USD may correct a few points from the current levels, but upsides remain capped.

Ethereum Price Resistance

There was no upside break in ETH price above the $940 resistance level against the US Dollar. It resulted in a downside reaction and the price declined sharply below $900. It even moved below the $880 support and settled below the 100 hourly simple moving average. There are many bearish signs visible on the charts below the $900 level. The recent low formed was $848 from where the price started an upside correction.

During the downside move, there was a break below a major bullish trend line with support at $925 on the hourly chart of ETH/USD. The pair traded above the 23.6% Fib retracement level of the last decline from the $948 high to $848 low. However, the upside move seems to be limited as the price is facing sellers near $895. On the upside, the 50% Fib retracement level of the last decline from the $948 high to $848 low is likely to act as a resistance. Moreover, there is also a bearish trend line on the same chart with resistance at $900.

Ethereum Price Technical Analysis ETH USD

Therefore, it seems like the price may struggle to correct further above $890-900. On the downside, the $840-850 area is a major support in the short term.

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

Hourly RSI – The RSI is attempting a small recovery from the oversold levels.

Major Support Level – $850

Major Resistance Level – $900

 

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

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

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