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

Ethereum Price Technical Analysis – ETH/USD To Correct Further

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

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Key Highlights

  • There was a sharp decline in ETH price below $280 against the US Dollar before finding support at $256.
  • There is a bearish trend line with resistance at $338 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may continue to correct lower as long as there is no close above the $350 level.

Ethereum price correction looks real against the US Dollar and Bitcoin, and ETH/USD may continue to move up and down towards $300 for some time.

Ethereum Price Support

In yesterday’s analysis, we saw a major decline in ETH price below $360 against the US Dollar. The price broke a cluster of bullish trend lines with supports at $360, $350, $325 and $310. The decline was such that the price even broke the $300 handle and traded towards $260. A new low was formed at $256 from where a recovery was started. The price moved above the 23.6% Fib retracement level of the last decline from the $389 high to $256 low.

However, the upside move remains capped by $335-340. There is a bearish trend line with resistance at $338 formed on the hourly chart of ETH/USD. It already failed to break the 61.8% Fib retracement level of the last decline from the $389 high to $256 low. Above the bearish trend line, the 100 hourly simple moving average at $350 is positioned. So, we can say there are many resistances on the way up near $$330 and $350. Any movement towards $340 may face selling pressure.

Ethereum Price Technical Analysis ETH USD

It looks like the price may continue to correct lower in 2-3 waves. On the downside, the $300 handle and then $360 support may play a major role in the near term.

Hourly MACD – The MACD is now flat and signaling correction pattern.

Hourly RSI – The RSI is moving just near the 50 level.

Major Support Level – $260

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.

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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