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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Ethereum Price Analysis – Trend Line Resistance Playing Well

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price continued to face sellers against the US dollar, as yesterday’s resistance area of $11.40 remained intact.
  • Moreover, yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD continued to act as a barrier for the buyers.
  • As long as the price is below the trend line resistance, there can be another dip below the recent low.

Ethereum price ETH failed once again near a bearish trend line, which may continue to act as a hurdle for a recovery in ETH/USD.

Ethereum Price Barrier

Ethereum price ETH managed to climb a few points yesterday against the US Dollar, but failed to break an important resistance area above $11.00. There were two things, which acted as a barrier and stopped gains in ETH. First, the 50% Fib retracement level of the last drop from the $12.03 high to $10.59 low. Second, yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.

Both the hurdles acted as a resistance and enabled sellers to push the price down once again. Now, the trend line has moved down further and the fib level to act as a resistance changed. It is now the 38.2% Fib retracement level of the last drop from the $12.03 high to $10.59 low. Overall, a new resistance to eye is at $11.10-20.

Ethereum Price Technical Analysis

Not to forget, the price is also below the 100 hourly simple moving average, which is another resistance on the upside. On the downside, an immediate support can be around $10.80, followed by $10.60. In my view, there can be another dip before the price can gain traction.

Hourly MACD – The MACD is currently in the bearish zone, but slowly showing signs of a recovery.

Hourly RSI – The RSI just moved away from the 50 level, signaling continuing weakness.

Major Support Level – $10.80

Major Resistance Level – $11.20

 

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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