Ethereum Price Technical Analysis – ETH/USD Correction Underway

Aayush Jindal

7 years ago

2 mins read

Ethereum Price Technical Analysis ETH USD

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Highlights

There were further gains in ETH price, as it moved above the $175 level against the US Dollar before starting a correction.
There was a break below a bullish trend line at $159 on the hourly chart (ETH/USD, data feed via SimpleFX).
The price is currently below the $158 resistance, and may extend the correction.

Ethereum price overcame sellers against the US Dollar and Bitcoin, and now ETH/USD is forming a short-term correction pattern below $158.

Ethereum Price Trend Line Break

Yesterday, I mentioned that ETH price remains bullish any may spike towards $160 or even $175 against the US Dollar. The price moved higher and traded above $175 to establish a new high at $182.03. Later, the price started a correction, and moved below the $165 support. To initiate the downside, there was a break below the 23.6% Fib retracement level of the last wave from the $122.35 low to $182.03 high.

However, the most important move was a break below a bullish trend line at $159 on the hourly chart of ETH/USD. The downside move was such that the price also broke the 50% Fib retracement level of the last wave from the $122.35 low to $182.03 high. It traded below $150 and formed a low at $136.43. The stated low represents the 76.4% Fib retracement level of the last wave from the $122.35 low to $182.03 high.

The price bounced back sharply, and currently above $145. There can be a few swing moves, but on the upside, there is a trend line resistance at $158. As long as the price is below $158-160, there can be another dip in the short term. On the downside, the $140 and $135 levels are decent supports.

Hourly MACD – The MACD has reduced all its bullish slope.

Hourly RSI – The RSI is just below the 50 level, and remains flat.

Major Support Level – $140.00

Major Resistance Level – $158.00

Charts courtesy – SimpleFX

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.

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.