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

Ethereum Price Analysis: ETH/USD Sellers Back In Driver’s Seat

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price declined heavily after it broke the $200 and $190 supports against the US Dollar.
  • There is a short term contracting triangle formed with resistance at $178 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but upsides are likely to be capped near $180 or $185.

Ethereum price declined heavily against the US Dollar and bitcoin. ETH/USD tested the $165 level and it remains at a risk of more losses.

Ethereum Price Analysis

There was a nasty decline in ETH price below the $200 support area against the US Dollar. Bitcoin price tumbled heavily, which increased selling pressure and pushed the ETH/USD pair below the $180 and $170 levels. The price traded to a new monthly low at $165 and it is currently well below the 100 hourly simple moving average. At the moment, the price is consolidating losses above the $165 level with a bearish angle.

It recovered above the 23.6% Fib retracement level of the recent drop from the $205 high to $165 low. However, the upside move faced a strong resistance near the $180 level. More importantly, there is a short term contracting triangle formed with resistance at $178 on the hourly chart of ETH/USD. The pair may continue to move in a range below $180 before it makes the next move. If there is a downside break below $170, the price could trade below the $165 low. The next major support is close to the $150 level. On the other hand, a break above $180 is likely to face sellers near $185. It represents the 50% Fib retracement level of the recent drop from the $205 high to $165 low.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price remains at a risk of more losses below $170 and $165. Selling rallies close to $180 or $185 can be considered as long as there is no close above $200.

Hourly MACD – The MACD is slightly in the bullish zone.

Hourly RSI – The RSI is currently near the 30 level.

Major Support Level – $165

Major Resistance Level – $180

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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