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

Ethereum Price Technical Analysis – Can ETH/USD Recover?

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price fell sharply and even traded below the $500 level before correcting higher against the US Dollar.
  • There is a major bearish trend line forming with resistance at $550 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is struggling to move above the $540-550 resistance area, which is a bearish sign in the near term.

Ethereum price nosedived recently against the US Dollar and Bitcoin. ETH/USD has to move above the $550 resistance to initiate a decent recovery.

Ethereum Price Upside Hurdle

The past few days were mostly bearish on ETH price as it declined below $500 against the US Dollar. The price tumbled and even broke the $460 support area. However, it managed to stay above the $450 level and started an upside correction. A low was formed at $453 from where it corrected upwards. Buyers succeeded in pushing the price above the 38.2% Fib retracement level of the last decline from the $608 high to $453 low.

The upside move was positive, as the price also moved above the $500 level. However, the current wave was protected by a major bearish trend line with current resistance at $550 on the hourly chart of ETH/USD. The pair also failed to move past the 61.8% Fib retracement level of the last decline from the $608 high to $453 low. It seems like the price is facing a major sell wall near the $550-560 zone. Therefore, a successful close above the $550 level is needed for buyers to push the price further higher.

Ethereum Price Technical Analysis ETH USD

Moreover, the $570 level is near the 100 hourly simple moving average, which is the next hurdle. On the downside, there is a decent support at $500. Below $50, the price may retest the $450 zone in the near term.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $500

Major Resistance Level – $550

 

Charts courtesy – Trading View

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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

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