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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Analysis –Crucial Resistance at $10.60-70

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ETH price dived yesterday against the US Dollar and Bitcoin after Donald Trump won the US President Seat.
  • There are a few bearish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which are acting as a crucial resistance at $10.60-65.
  • As long as the price is below the stated resistance levels, it remains under a bearish pressure.

Ethereum price declined yesterday after the US presidential election outcome, and it looks like it is currently under a major resistance area against the US Dollar.

Ethereum Price Resistance

ETH price faced a lot of pressure yesterday against the US Dollar after Donald Trump won the US President Seat. There was a decline below the $10.50 support area, taking the price back towards the $10.10 level. The price is currently correcting higher, but it won’t be easy for it to recover. There is a monster resistance formed near $10.60-65, which may prevent any upside move in ETH.

There are many reasons why the highlighted resistance area is important. First, there are a few bearish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD aligned. Second, the 100 hourly simple moving average is positioned just above it. Lastly, the 50% Fib retracement level of the decline from the $11.09 high to $10.107 low is also around the same area.

So, it is quite clear that the $10.60-65 represents a major resistance zone. If the price moves higher, it could face sellers. One may even consider selling near the highlighted resistance area with a tight stop. However, one must not forget that the ETH may not remain low for this long. In time it may get catalyst for a move higher.

Hourly MACD – The MACD is reducing the bearish slope, which is a slight contraction signal.

Hourly RSI – The RSI is struggling to break the 50 level, which is a concern.

Major Support Level – $10.30

Major Resistance Level – $10.65

 

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
How Our News is Made

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

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