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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis – ETH/USD Nosedived and Recovered

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

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Key Highlights

  • ETH price nosedived yesterday against the US Dollar and Bitcoin, and later bounced back sharply.
  • Yesterday’s highlighted two bearish trend lines on the hourly chart (data feed via SimpleFX) of ETH/USD were broken to ignite gains.
  • The price recovered sharply, which is a positive sign, and may boost the ETH in the short term.

Ethereum price traded sharply lower yesterday against the USD and BTC, but later found support and recovered a lot to set a positive tone.

Ethereum Price Recovery

ETH price was under a lot of bearish pressure against the US Dollar, which ignited a sharp downside move towards $5.80-$6.00. Before making a downside move, the price failed to break the 38.2% Fib retracement level of the last decline from the $7.53 high to $6.39 low. There was a new low formed at $5.69. Later, the ETH/USD pair found support, and managed to recover. There was a nice upside move, as the pair moved back above the $7.00 handle.

It is a positive sign and means there are chances of further gains in the short term. The most important thing is that the pair moved above yesterday’s highlighted two bearish trend lines on the hourly chart (data feed via SimpleFX). The pair also moved above the 100 hourly simple moving average, which is a positive sign. The price traded as high as $7.69, and currently correcting lower.

Ethereum Price Technical Analysis

It is currently testing the 23.6% Fib retracement level of the last wave from the $5.69 low to $7.69 high, which is acting as a support. Moreover, the broken trend lines are also acting as a support along with the 100 hourly simple moving average.

Hourly MACD – The MACD has moved from the bearish to bullish zone, which is a bullish sign.

Hourly RSI – The RSI has also moved above the 50 level, calling for more gains.

Major Support Level – $7.00

Major Resistance Level – $7.60

 

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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