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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Price Technical Analysis – ETH/USD Decline Initiated

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

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Key Highlights

  • ETH price remained in a downside category with support at $18.18 against the US Dollar.
  • There is a bearish trend line with resistance at $18.70 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
  • There is a chance that the price may extend the downside leg and trade below $18.18.

Ethereum price failed to hold the $19.05 support against the US Dollar, increasing the risk of more losses in ETH/USD in the short term.

Ethereum Price Next Leg Lower?

Yesterday, we discussed how ETH price may be heading lower vs the US Dollar due to a break below $19.50. The price did trade lower, and managed to break the $19.05 support as well. The most important break was below $18.79, representing the 61.8% Fib retracement level of the recent move from the $18.05 low to $19.99 high. It increased the bearish pressure, and the price was seen trading below $18.50.

There was even a proper close below the 100 simple moving average at $19.09. These all are negative sign. It looks like the price is set to test the recent low of $18.18. And, if there is an increase in the bearish pressure, the price could even break it for a move towards $18.00. On the upside, there is a bearish trend line with resistance at $18.70 formed on the hourly chart (ETH/USD, data feed via SimpleFX). It also coincides with the 23.6% Fib retracement level of the last drop from the $20.03 high to $18.18 low.

Ethereum Price Technical Analysis ETH

So, if the price corrects higher it may face sellers near the trend line resistance at $18.60. Furthermore, the 100 hourly SMA is also a hurdle on the upside near $19.08 for the ETH buyers.

Hourly MACD – The MACD is now in the bearish zone, suggesting a decline.

Hourly RSI – The RSI is heading lower, and remains well below the 50 level.

Major Support Level – $18.00

Major Resistance Level – $19.60

 

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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