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Ethereum Price Technical Analysis

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

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Key Highlights

  • ETH price after trading as high as $10.84 against the US Dollar found sellers and started a correction.
  • There was a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was cleared during the downside move at $10.70.
  • The pair is currently correcting lower, and looks poised for an extension.

Ethereum price after trading towards $10.85 against the US Dollar started a correction, and ETH/USD may now look for a move towards $10.40-10.30.

Ethereum Price Downside Move

We saw a nice and solid upside move in ETH price against the US Dollar. It traded past $10.50 for a move towards $10.80. ETH price formed a high at $10.84, as the price faced resistance around the stated level, and started correcting lower. It moved below the 23.6% Fib retracement level of the last wave from the $9.57 low to $10.84 high, which ignited a downside move.

During the downside move, there was a break below a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD at $10.70. ETH/USD pair traded down sharply and tested the 38.2% Fib retracement level of the last wave from the $9.57 low to $10.84 high. It found support, as the 100 hourly simple moving average was also positioned around the same level.

Ethereum Price Technical Analysis

The pair moved a few points higher, but it looks like the correction is not over yet. The pair is again moving down. It looks like it may retest 100 hourly simple moving average or even break $10.40. It would be interesting to see how the price trades in the near term, as there is a pressure sighted on the ETH buyers.

Hourly MACD – The MACD is now in the bearish zone, signaling a downside move.

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

Major Support Level – $10.30

Major Resistance Level – $10.70

 

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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