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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Ethereum Price Technical Analysis – Can ETH/USD Break This? 2017-05-10

Aayush Jindal
Aayush Jindal
Last Updated: April 3, 2018 4:57 am
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • There was a nasty decline in ETH price yesterday, as it dipped towards $70 against the US Dollar.
  • There was a decent recovery from $70, and now two bearish trend lines at $88 on the hourly chart (ETH/USD, data feed via SimpleFX) are acting as a resistance.
  • The price may dip once again towards $80 before gaining bids for an upside move.

Ethereum price dipped sharply intraday against the US Dollar and Bitcoin, and now the current recovery in ETH/USD is facing a major hurdle near $88.

Ethereum Price Major Resistance

Yesterday, we were looking for a slight increase in bearish pressure, as ETH price dipped below $85 against the US Dollar. Later, the price extended its downside move, and weakened by more than $10. A decline was initiated from $85 to $70, as the price traded as low as $69.20. Before that, there was a failure to break the 76.4% Fib retracement level of the last wave from the $85.10 low to $97.70 high. It resulted in a sharp decline, and the price even broke the $80 swing low.

Thankfully, the price found support near $70 and started a recovery. It has already moved above the 50% Fib retracement level of the last decline from the $97.90 high to $69.24 low. It is a positive sign, but the price is currently struggling near $88. There are two bearish trend lines at $88 on the hourly chart of ETH/USD, which are acting as a resistance.

Ethereum Price Technical Analysis ETH USD

We can also say that the price is struggling to close above $90. Above 90, the 100 hourly simple moving average at $91.20 is also waiting to act as a barrier. So, I guess there can be another dip before the price bounces above $90.

Hourly MACD – The MACD is about to move from the bearish to bullish zone.

Hourly RSI – The RSI is currently just around the 52 level.

Major Support Level – $80

Major Resistance Level – $90

 

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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