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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow
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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow

Ethereum Price Technical Analysis – ETH/USD Break Down Real?

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • The ETH price short-term bearish bias got traction as it moved below the $335 support against the US Dollar.
  • This week’s important contracting triangle pattern with support at $330-335 on the hourly chart of ETH/USD (data feed via SimpleFX) was clearly broken.
  • The pair is currently correcting higher but may face sellers near 100 hourly simple moving average and $335.

Ethereum price failed to hold the short-term bullish bias against the US Dollar and Bitcoin, and now ETH/USD remains at risk of more losses towards $275.

Ethereum Price Decline

We followed a crucial contracting triangle pattern with support at $330-335 for ETH price against the US Dollar. The price was struggling to hold the $330 support yesterday. It looks like sellers won a huge battle and took the price below $330. There was a clear break and close below the contracting triangle at $330, which ignited a sharp downside move. The price moved below the 50% Fib retracement level of the last wave from the $256 low to $375 high.

It traded as low as $288 where buyers appeared. The price is currently correcting higher and moved above the 23.6% Fib retracement level of the last decline from the $365 high to $288 low. However, the broken trend line support at $330 on the upside may act as a major hurdle. It also coincides with the 100 hourly simple moving average at $335. An initial resistance is near the 50% Fib retracement level of the last decline from the $365 high to $288 low.

Ethereum Price Technical Analysis ETH USD

So, if the price corrects higher from the current levels, it may face sellers near $335 or $340. On the downside, there is a chance of ETH retesting the $300-285 support zone.

Hourly MACD – The MACD is now well placed in the bearish zone.

Hourly RSI – The RSI is attempting to move back above the 50 level.

Major Support Level – $300

Major Resistance Level – $340

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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