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Ethereum Price Technical Analysis – Trend Line Resistance

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

  • Ethereum price continued to face sellers against the US Dollar, and moved down intraday.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD continued to act as a resistance area.
  • The price is now below the 100 hourly simple moving average, which might ignite more downsides.

Ethereum price is struggling to gain momentum, and if the trend line resistance holds, more losses are likely in the short term.

Ethereum Price Resistance

Ethereum price ETH attempted to trade higher on a couple of occasions versus the US Dollar yesterday, but it failed to gain the momentum. The main hurdle for the upside move was yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD. The trend line resistance acted as a barrier and prevented gains.

Moreover, the 23.6% Fib retracement level of the last leg from the $15.10 high to $13.70 low is also playing its part well in stopping the upside move along with the trend line. The last but not the least, the 100 hourly simple moving average is also positioned just around the trend line resistance. Overall, there is a major resistance formation at $14.00.

Ethereum Price Technical Analysis

As long as the price is below it, there are chances of it moving down from the current levels. I think a test of the $13.50 support area is possible in the short term where the ETH bulls may appear. On the other hand, a close above the 100 hourly SMA might ignite more gains in ETH, which could take it towards the 50% Fib retracement level of the last leg from the $15.10 high to $13.70 low.

Hourly MACD – The MACD is not moving a lot, means the price may not change much in the short term.

Hourly RSI – The RSI is below the 50 level, which is a negative sign for the bulls.

Major Support Level – $13.70

Major Resistance Level – $14.00

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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Reason to trust

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