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Ethereum Price Technical Analysis ETH USD

Ethereum Price Technical Analysis – ETH/USD Consolidating Losses 2017-09-04

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price after trading towards the $400 handle failed and declined against the US Dollar.
  • There is a breakout pattern forming with resistance near $350.00 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • There is a chance that the price could break $350 as long as it stays above the $335 support.

Ethereum price is consolidating losses against the US Dollar and Bitcoin. ETH/USD might soon attempt an upside break above $350 in the near term.

Ethereum Price Resistance

This past week we saw that ETH price failed to test the $400 level and declined against the US Dollar. The price started a downside move and dropped sharply towards $325. The price traded as low as $325.47 before starting a recovery. It seems like the price is currently forming a consolidation pattern and might range trade for a few sessions before making the next move. On the downside, there is a trend line support near $340. It can be considered as a major support for a retest of $325.

The price recently failed near the 50% Fib retracement level of the last drop from the $369.27 high to $33.58 low. There is a breakout pattern forming with resistance near $350.00 on the hourly chart of ETH/USD. It won’t be easy for buyers to break the $350-355 resistance to gain pace in the near term. On the other hand, a break below $340 could take the price towards $325.

Ethereum Price Technical Analysis ETH USD

The current momentum is slightly bearish since there was no close above the 50% Fib retracement level of the last drop from the $369.27 high to $33.58 low at $351. One may consider trading with a break either above $355 or below $335 in the short term.

Hourly MACD – The MACD is about to move into the bullish zone.

Hourly RSI – The RSI is currently below the 50 level, but stable.

Major Support Level – $340

Major Resistance Level – $350-355

 

Charts courtesy – SimpleFX

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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