Ethereum Price Technical Analysis – ETH Buyers Need Encouragement 2016-11-14

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price after declining towards $9.44 against the US Dollar found support.
The price is currently recovering, and facing sellers near a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.
The ETH buyers need an encouragement in gaining strength to overcome hurdles on the upside.

Ethereum price is currently attempting to recover against the US Dollar as ETH/USD faces a major hurdle on the upside at $10.10.

Ethereum Price Resistance

This past week we saw how there was a decline in ETH price from the $10.80 level to $9.50 area against the US Dollar. Over the weekend, there was a consolidation phase, as the ETH/USD pair started a minor recovery. During the correction phase, it settled above the 23.6% Fib retracement level of the decline from the $10.63 high to $9.44 low, and currently facing as a major resistance.

There are a couple of important hurdles aligned at $10.05-10 levels, acting as a solid resistance. First, there is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. Second, the 38.2% Fib retracement level of the decline from the $10.63 high to $9.44 low is positioned. Lastly, the 100 hourly simple moving average is also just above the trend line. So, we can say that the $10.05-10 is a major breakout zone for the ETH price.

We need to see if there can be a break above it or not. If the ETH buyers succeed in breaking the mentioned resistance area, then it would open the doors for a further recovery. On the upside, the next resistance in that case may be around the $10.50 level.

Hourly MACD – The MACD has changed the slope from the bearish to bullish zone.

Hourly RSI – The RSI has also moved above the 50 level, which is a positive sign.

Major Support Level – $10.10

Major Resistance Level – $10.50

Charts courtesy – SimpleFX

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.

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.
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