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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Corrects Lower

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

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Key Highlights

  • ETH price started a minor correction from the $337.65 swing high against the US Dollar.
  • There was a break below yesterday’s highlighted major bullish trend line with support at $326.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price tested the $318 support area where appeared and protected further declines.

Ethereum price moved a few points down against the US Dollar and Bitcoin. ETH/USD is currently above $326 and facing hurdles on the upside.

Ethereum Price Resistance

There was no major move above the $336-337 resistance in ETH price against the US Dollar. The price started a downside move and traded below the 38.2% Fib retracement level of the last wave from the $306.73 low to $337.65 high. More importantly, there was a break below yesterday’s highlighted major bullish trend line with support at $326.50 on the hourly chart of ETH/USD.

It has opened the doors for further corrections as long as the price is below $336-337. The last downside wave was protected by the $318 support and the 50% Fib retracement level of the last wave from the $306.73 low to $337.65 high. Moreover, the 100 hourly simple moving average near $318.50 acted as a support and prevented declines. The pair is now moving back higher and is currently trading above $326. On the upside, there is a connecting bearish trend line with resistance at $328.50.

Ethereum Price Technical Analysis ETH USD

As long as the price is below the $336 and $337 levels, there is a chance of another downside move back toward $322. However, any major declines below $318 and 100 hourly simple moving average should be limited. There can be a couple of swing moves below $336 before the price attempts the next move.

Hourly MACD – The MACD is mostly flat with minor bullish signals.

Hourly RSI – The RSI is currently just above the 50 level with no major bearish signal.

Major Support Level – $318

Major Resistance Level – $337

 

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

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