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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Price Technical Analysis – ETH/USD Sell on Rallies

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

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Key Highlights

  • ETH price extended declines and traded below the $828 support level against the US Dollar.
  • There is a major bearish trend line forming with resistance at $818 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently correcting higher, but it is likely to face sellers near the $815 and $818 levels.

Ethereum price is under renewed selling pressure against the US Dollar and Bitcoin. ETH/USD is likely to remain in a bearish zone as it turned sell on rallies.

Ethereum Price Decline

There was no major upside move above $830 in ETH price against the US Dollar. On the contrary, there was an increase in selling pressure and the price moved below a major support at $828. It ignited further losses and the price even moved below the $810 level. At the moment, the price is trading well below the $828 pivot level and the 100 hourly simple moving average.

The recent low formed was $792 before the price started an upside correction. It has moved above the 23.6% Fib retracement level of the last drop from the $839 high to $792 low. However, there are many hurdles on the upside around the $820 level. There is also a major bearish trend line forming with resistance at $818 on the hourly chart of ETH/USD. Moreover, the 50% Fib retracement level of the last drop from the $839 high to $792 low is around the $816 level. Therefore, it seems like the $816-818 levels are important barriers for buyers.

Ethereum Price Technical Analysis ETH USD

The chances of ETH failing to move above the $818 level are high. On the downside, the recent low of $792 is a short term support. Below the mentioned $792, the price may move back towards the $775 level.

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

Hourly RSI – The RSI is recovering, but it is well below the 50 level.

Major Support Level – $792

Major Resistance Level – $818

 

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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