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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – ETH/USD Correcting Lower 2017-06-30

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price after moving as high as $317 against the US Dollar found resistance and started a correction.
  • The ETH/USD pair is currently attempting a break below a bullish trend line with support at $284 on the hourly chart (data feed via SimpleFX).
  • There is a chance that the price may move down and test the $266 support zone.

Ethereum price has started a correction against the US Dollar and Bitcoin, and now ETH/USD may move down and test the 100 SMA or $266.

Ethereum Price Support

Recently, we saw a rise in ETH price above $300 against the US Dollar. A new weekly high was formed near $317 where sellers emerged and pushed the price lower. It looks like a correction wave is initialized and the price may decline towards $270-260. It is currently below the 23.6% Fib retracement level of the last wave from the $202 low to $317 high.

At the moment, the ETH/USD pair is currently attempting a break below a bullish trend line with support at $284 on the hourly chart. It the pair succeeds in a close below the trend line support at $284, there are chances of more declines in the near term. The next support is around the 38.2% Fib retracement level of the last wave from the $202 low to $317 high at $273. However, the most important support is near the 100 hourly simple moving average at $266.

Ethereum Price Technical Analysis ETH USD

Any further declines or corrections should be limited by the 50% Fib retracement level of the last wave from the $202 low to $317 high. On the upside, the there is a minor connecting bearish trend line at $292. It may act as a short-term hurdle for gains above $300.

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI – The RSI is now below the 50 level and heading lower.

Major Support Level – $266

Major Resistance Level – $292

 

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

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