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

Ethereum Price Analysis – ETH/USD Faces Renewed Pressure

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

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Key Highlights

  • ETH price seems to be struggling near the $10.58-10.60 levels against the US Dollar.
  • Yesterday’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) continued to act as a barrier near $10.56.
  • The price is now moving back down, and may find support near the 100 hourly simple moving average at $10.35.

Ethereum price after an upside move faced sellers near $10.58 against the US Dollar, and it looks like ETH/USD is back under a minor bearish pressure.

Ethereum Price Support

We saw yesterday how there was a nice upside move in ETH price against the US Dollar towards $10.60. However, it looks like the price failed to hold the bullish trend. There was a resistance near $10.58, which pushed the price down. More importantly, yesterday’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) prevented gains near $10.56.

The price started moving down, and broke the last swing low of $10.40 for a low at $10.25. Once again the price recovered, but there was a bearish trend line that acted as a resistance. The price is once again moving down. It already broke the 23.6% Fib retracement level of the last wave from the $10.25 low to $10.52 high. It may continue to move down. However, there is a support visible at 100 the hourly simple moving average at $10.35.

Ethereum Price Technical Analysis

Moreover, the 61.8% Fib retracement level of the last wave from the $10.25 low to $10.52 high is also at $10.35. So, we may witness a bounce in ETH/USD from the $10.35 support. If it fails to hold, then a retest of the last swing low $10.25 is possible.

Hourly MACD – The MACD is attempting to move back in the bearish zone.

Hourly RSI – The RSI is just below the 50 level, and signaling caution.

Major Support Level – $10.35

Major Resistance Level – $10.50

 

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

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

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