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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Price Technical Analysis – ETH/USD Struggling Near 100 SMA 2018-05-09

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

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Key Highlights

  • ETH price traded higher, but it failed to break the $760 and $770 resistance levels against the US Dollar.
  • There is a key connecting bearish trend line forming with resistance at $745 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure and it may well extend its slide back towards the $715 level.

Ethereum price is struggling to move higher against the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses towards the $715 level in the near term.

Ethereum Price Resistance

Yesterday, there was a start of an upside correction above $720 in ETH price against the US Dollar. The price traded towards the $780 level, but it could not hold gains. It topped around the $776 level and failed to test the $780 level. Moreover, the 61.8% Fib retracement level of the last decline from the $830 high to $694 low also acted as a strong barrier.

Lastly, the price seems to be struggling to settle above $760 and the 100 hourly simple moving average. It is currently under pressure and broke the $740 support level. At the moment, it seems like the price may break the 61.8% Fib retracement level of the last leg from the $693 low to $776 high. If sellers remain in action, the price may even break the $724 support and extend its slide. The next support could $715 or $712. On the upside, there is a key connecting bearish trend line forming with resistance at $745 on the hourly chart of ETH/USD.

Ethereum Price Technical Analysis ETH USD

Looking at the chart, the price is clearly under pressure below $745. As long as it is below the trend line, $750, and the 100 hourly SMA, it is likely to extend its decline in the near term.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is about to reach the 40 level.

Major Support Level – $724

Major Resistance Level – $745

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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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Comments 1

  1. fujak says:
    7 years ago

    what’s the point in publishing these analyses if you do it after the fact? then although it’s written as if you’re sharing your TA all you’re really doing is reporting on the price action….. publish this two or three days ago and it would be worth something…

    Reply

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Comments 1

  1. fujak says:
    7 years ago

    what’s the point in publishing these analyses if you do it after the fact? then although it’s written as if you’re sharing your TA all you’re really doing is reporting on the price action….. publish this two or three days ago and it would be worth something…

    Reply

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