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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Technical Analysis – ETH/USD Breaks Key Support

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

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Key Highlights

  • An increase in the bearish pressure ignited a downside break below $360 in ETH price against the US Dollar.
  • There was a break below yesterday’s highlighted a cluster of bullish trend lines with supports at $360, $350 and $345 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair just managed to hold the $310 support area and currently attempting a recovery.

Ethereum price failed to retain gains against the US Dollar and Bitcoin, and ETH/USD broke a major support area at $355-360 igniting downsides.

Ethereum Price Resistance

In yesterday’s analysis, we saw a connecting bearish trend line at $380 for ETH price against the US Dollar. The price failed to break the trend line resistance, and moved down below $370. The worst thing was a break below a major support area at $355-360. Moreover, there was a break below a cluster of bullish trend lines with supports at $360, $350 and $345 on the hourly chart of ETH/USD. The last break was below the 100 hourly simple moving average at $353.

These all are short-term bearish signs, and as it can be seen from the chart, the price fell and traded towards $300. However, buyers managed to hold the $310 support area. At the moment, the price is recovering, and trading above the 23.6% Fib retracement level of the last decline from the $389 high to $310 low. However, there is a major resistance forming at $355. The stated zone was a support earlier, and now it may prevent gains above $360.

Ethereum Price Technical Analysis ETH USD

The 50% Fib retracement level of the last decline from the $389 high to $310 low is also at $350. Furthermore, the 100 hourly simple moving average at $353 is also waiting to act as a hurdle for buyers. Overall, there can be short-term swing moves in ETH towards $360-365 followed by downsides towards $340-330.

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

Hourly RSI – The RSI is slowly moving higher from the oversold readings.

Major Support Level – $310

Major Resistance Level – $360

 

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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