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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

ETH/USD Continues To Face Hurdles

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ETH price started a minor correction against the US Dollar, but facing sellers near $7.75-80.
  • There is a tiny bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently holding the downside.
  • A break below the trend line support may call for more losses in the short term.

Ethereum price made an attempt to recover some ground against the USD and BTC, but faced a lot of hurdles on the upside.

Ethereum Price Resistance

There was a downside move in ETH price versus the US Dollar this past week, taking the price towards $7.34. Later, the price started a recovery, and managed to correct higher. There was a move above the 23.6% Fib retracement level of the last decline from the $8.33 high to $7.34 low. The ETH/USD pair traded towards the 100 hourly simple moving average, which acted as a resistance.

The ETH/USD pair was seen struggling to break the 100 hourly SMA, and formed a major resistance area at $7.75-80. The stated levels also coinciding with the 38.2% Fib retracement level of the last decline from the $8.33 high to $7.34 low. So, it holds a lot of value. There were many attempts to break the highlighted resistance area, but the ETH bulls failed to break it.

Ethereum Price Technical Analysis

As a result, there was a downside move. The pair is currently trading lower, and finding support near a tiny bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. As long as the pair is above it, there can be a retest of $7.75. A break below it may be a sell call with a stop above the 100 hourly SMA.

Hourly MACD – The MACD is about to change the slope from the bullish to bearish zone.

Hourly RSI – The RSI is heading lower, and may break the 50 level soon.

Major Support Level – $7.50

Major Resistance Level – $7.80

 

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.

Read more

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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