Ethereum Price Technical Analysis – ETH/USD Could Decline Further 2018-03-29

Aayush Jindal

Last Updated: June 11, 2024 1:23 pm

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Highlights

ETH price is under a lot of pressure and is struggling to correct higher even by $25 against the US Dollar.
There is a short-term contracting triangle forming with current resistance at $450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of more losses and it may soon break the $430 level in the near term.

Ethereum price is facing heavy selling pressure against the US Dollar and Bitcoin. ETH/USD may extend the current decline towards the $430 and $420 levels.

Ethereum Price Decline

The current structure is bearish below $480 in ETH price against the US Dollar. The price is struggling to even correct higher by more than $25. It settled below the $480 level and it remains at a risk of more losses. The recent low was formed near $440 before the price started a short-term consolidation. An initial resistance is around the 23.6% Fib retracement level of the last drop from the $497 high to $440 low.

There is also a short-term contracting triangle forming with current resistance at $450 on the hourly chart of ETH/USD. There are very less chances of ETH breaking the $450 and $455 resistance levels. If it succeeds in breaking the $455 level, the next resistance is near the 50% Fib retracement level of the last drop from the $497 high to $440 low. Moreover, at $475, the 100 hourly simple moving average is positioned with the 61.8% Fib retracement level of the last drop from the $497 high to $440 low.

Therefore, there are many resistances on the upside starting from $455 up to $475. On the downside, a push below the $440 level may call for a test of the $430 and $420 levels.

Hourly MACD – The MACD is still in the bearish zone.

Hourly RSI – The RSI is currently placed well below the 50 level.

Major Support Level – $440

Major Resistance Level – $455

Charts courtesy – Trading View

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.
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.