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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 – Short-Term Losses Ahead

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

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Key Highlights

  • Ethereum price started to move down against the US Dollar, and it looks like there may be more losses in the short term.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD continued to play a major role for a downside move.
  • The 100 hourly simple moving average is bending down, which is not a good sign for the ETH bulls.

Ethereum price may face more selling pressure in the short term, as the highlighted resistance area is turning out to be a major barrier for ETH.

Ethereum Price Losses

Ethereum price ETH continued to face offers on the upside against the US Dollar, and started moving down. There is a monster resistance area on the upside for ETH, as highlighted in yesterday’s post acting as a hurdle for more gains.

There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which stopped gains on a number of occasions. Moreover, an initial but important resistance is also near the 100 hourly simple moving average. It is positioned below the trend line, which is a signal that the $13.00 resistance area holds a lot of value for the ETH bears. As long as the price is below the stated level, there is a chance of a downside move in the near term.

Ethereum Price Technical Analysis

The price recently failed to settle above the 38.2% Fib retracement level of the last drop from the $15.10 high to $11.32 low. I think if the current weakness continues and the price remains below the highlighted resistance area, there is a chance of further losses in ETH/USD.

Hourly MACD – The MACD is almost flat, and there are no major signs of a bullish wave.

Hourly RSI – The RSI is below the 50 level, which is not a good sign for the ETH buyers.

Major Support Level – $12.00

Major Resistance Level – $13.00

 

Charts courtesy of Kraken via Trading View

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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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