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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Analysis: ETH/USD Losing Momentum Below $230

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis ethereum

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Key Highlights

  • ETH price failed to hold gains above $230 and $227, and declined against the US Dollar.
  • Yesterday’s followed important ascending channel was broken with support at $226 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure and it seems like it could decline towards $222 or $220 in the near term.

Ethereum price is slowly moving lower against the US Dollar and bitcoin. ETH/USD is at a risk of a minor bearish reaction back towards $220.

Ethereum Price Analysis

There was a failure noted near the $230-231 zone in ETH price against the US Dollar. The ETH/USD pair started a downside move and traded below the $228 level. There was also a break below the $227 support and the 100 hourly simple moving average. The price extended losses and declined below the 50% Fib retracement level of the last wave from the $220 low to $230 high.

More importantly, yesterday’s followed important ascending channel was broken with support at $226 on the hourly chart of ETH/USD. The pair seems to be in a downside correction and it may decline further towards $222. An immediate support is positioned near the $224 level. It represents the 61.8% Fib retracement level of the last wave from the $220 low to $230 high. If the price breaks the $224 support level, there could be more losses towards the $222 and $220 levels. On the flip side, if the price moves higher, the previous support at $227 may act as a resistance.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is currently showing a few bearish signs below $230 and $227. As long as the price is below these levels, there is a possibility of an extended correction towards $224 or $222 in the near term.

Hourly MACD – The MACD is placed slightly in the bearish zone.

Hourly RSI – The RSI has moved below the 50 level with a bearish angle.

Major Support Level – $222

Major Resistance Level – $230

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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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