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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH Struggle Continues

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price moved down during the past few sessions against the US Dollar, and struggled to gain traction.
  • There is a connecting bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a resistance.
  • The pair is currently struggling to gain bids for a move higher, which is a concern for the bulls.

Ethereum price slowly moved down from the $11.20 high and currently under a minor bearish pressure versus the US Dollar.

Ethereum Price Resistance

Ethereum price ETH traded positively against the US dollar until it found sellers near $11.20. There was a downside move in ETH/USD, which pushed the pair below the 100 hourly simple moving average. There was a new low of $10.52 formed, as the price slowly moved down. Currently, there is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a hurdle.

On the upside, the price may continue to face resistance along with the 50% Fib retracement level of the last drop from the $11.09 high to $10.52 low. The ETH buyers need to break the highlighted trend line resistance to be back in action. If we look at the indicators, then there are a few converging signs. If buyers succeed in pushing the price above the trend line, then there is a chance of a test of the 76.4% Fib retracement level of the last drop from the $11.09 high to $10.52 low.

Ethereum Price Technical Analysis

On the downside, we need to keep an eye on the $10.50 level, which is a major support area. In my view, selling should be avoided in ETH, as it may climb higher anytime.

Hourly MACD – The MACD is currently in the bearish zone with no signs of a recovery.

Hourly RSI – The RSI is just around the 30 level, and struggling to move higher.

Major Support Level – $10.50

Major Resistance Level – $11.00

 

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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Created by industry experts and meticulously reviewed
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