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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Analysis: ETH Consolidates While Trading Volume Drops

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • ETH price is still trading below the $108 and $110 resistance levels against the US Dollar.
  • There is a new connecting bearish trend line formed with resistance near $107 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains supported on the downside above the $105 and $103 levels in the near term.

Ethereum price is confined in a tiny range against the US Dollar and bitcoin. ETH/USD could continue to consolidate until trading volumes pick up and price action improves.

Ethereum Price Analysis

There was a downside move from the $110 swing high in ETH price against the US Dollar. The ETH/USD pair traded below the $108 and $106 support levels, plus settled below the 100 hourly simple moving average. It tested the $105 support level, where buyers emerged and protected further losses. Later, there was an upside correction above the $106 and $107 levels. The price even broke the 50% Fib retracement level of the recent decline from the $110 high to $105 swing low. However, the upside move was capped by the $108 resistance area.

Moreover, the price was rejected near the 61.8% Fib retracement level of the recent decline from the $110 high to $105 swing low. There is also a new connecting bearish trend line formed with resistance near $107 on the hourly chart of ETH/USD. The pair is currently trading well below the $108 resistance and the 100 hourly simple moving average. A successful break above the trend line, 100 hourly simple moving average, and the $108 resistance is needed for more gains. The next major resistance is near the $110 level, above which the price could rally towards $115.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly trading in a range below the $108 and $110 resistance levels. On the downside, an initial support is at $105, below which the price may test the $103 support level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving back in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level, with a few bearish signs.

Major Support Level – $103

Major Resistance Level – $108

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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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