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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Eyes Downside Thrust Before A Strong Upsurge

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum ETH

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Ethereum is currently declining and trading below $270 levels against the US Dollar. ETH price could dive towards the $255 support area before it starts a fresh upward move.

  • Ethereum struggled to climb above the $280 resistance and declined recently against the US Dollar.
  • The price is currently declining and trading below the $265 support area.
  • There is a key descending channel forming with resistance near $266 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is also moving lower towards the $9,600 and $9,500 support levels.

Ethereum Price Could Extend Its Decline

Yesterday, we saw a decent increase in Ethereum above the $270 resistance level against the US Dollar. ETH price even climbed above the $275 level and the 100 hourly simple moving average.

However, it failed to extend gains above the $278 and $280 levels. As a result, there was a fresh decline below the $275 and $270 levels. During the decline, there was a break below a crucial ascending channel with support near $268 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

It opened the doors for more losses below the $265 level the 100 hourly simple moving average. Finally, Ethereum price traded close to the $255 support area and it is currently correcting higher.

There was a break above the 23.6% Fib retracement level of the recent decline from the $278 high to $256 low. On the upside, there are many key hurdles seen near the $266 and $268 levels.

Besides, there is a key descending channel forming with resistance near $266 on the same chart. Therefore, Ethereum could extend its decline below the $260 level in the near term. It may perhaps spike towards the $255 and $252 support levels before the bulls appear again.

Fresh Increase?

On the downside, there are a few key supports near the $255 and $252 levels. The next key support is near the $245 level, where the bulls are likely to take a strong stand.

Once the current correction wave is complete, Ethereum is likely to climb back above the $266 and $268 levels. The next key resistance is near the $275 level, above which the price is likely to accelerate towards the $280 and $285 levels in the coming days.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 40 level, with a minor bearish angle.

Major Support Level – $255

Major Resistance Level – $268

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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.

Read more

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
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