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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – $11.20-40 Holds Key

Aayush Jindal
Aayush Jindal
8 years ago
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • ETH price declined over the weekend against the US Dollar and traded below the $11.60 support.
  • There is a major bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which may act as a hurdle for the ETH bulls moving ahead.
  • If the price corrects higher from the current levels, then the $11.20-40 levels can act as a resistance.

Ethereum price ETH faced a lot of heat over the weekend and moved down versus the USD. It looks poised for more declines in the near term.

Ethereum Price Sell

Ethereum price ETH weakened recently, as sellers had an upper hand versus the bulls. There was a decline below an important support area, which may now result in more losses in the short term. Please note, this is my short-term view, not a trend setter. The ETH/USD pair recently traded as low as $10.59 where it found buyers and started to correct higher.

However, a recovery won’t be easy, as there is a major bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. Moreover, the 100 hourly simple moving average is also aligned around the same trend line to act as a barrier for more gains. Currently, the price is trading near the 23.6% Fib retracement level of the last drop from the $12.03 high to $10.59 low.

Ethereum Price Technical Analysis

It may easily gain more bids and correct further. However, we need to keep a close eye on the 50% Fib retracement level of the last drop from the $12.03 high to $10.59 low. Overall, the $11.20-40 levels can be considered as a major resistance if the pair continues to correct higher from the current levels.

Hourly MACD – The MACD is placed well in the bearish zone, which is not a good sign.

Hourly RSI – The RSI is around the oversold readings, calling for an extension of the current correction wave.

Major Support Level – $10.60

Major Resistance Level – $11.40

 

Charts courtesy – SimpleFX

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

Ad discliamer

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