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Home Cryptocurrency news

Ethereum Price Technical Analysis – ETH/USD Failed Upside

Aayush Jindal by Aayush Jindal
4 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2min read
Ethereum Price Technical Analysis
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Key Highlights

  • ETH price after trading as high as $10.45 against the US Dollar found resistance, and moved down.
  • There was an ascending channel pattern formed on the hourly chart of ETH/USD (data feed via SimpleFX), which was broken recently towards the downside.
  • The pair is back in the bearish zone, and may continue to move down in the near term.

Ethereum price managed to trade higher, but found sellers near $10.40-10.45, and now ETH/USD is likely heading lower towards $10.10.

Ethereum Price Downside

There was no major joy for ETH price against the US Dollar, as after an upside move above a bearish trend line, it found sellers near $10.40-10.45. The same levels were highlighted in yesterday’s post since there was a break above the 23.6% Fib retracement level of the last decline from the $10.84 high to $10.15 low. There was a chance of it acting as a resistance, and it did. The price failed near $10.45, and started a downside move.

Another important point was the failure to break the 100 hourly simple moving average. Moreover, the price also failed near the 38.2% Fib retracement level of the last decline from the $10.84 high to $10.15 low. During the upside, there was an ascending channel pattern formed on the hourly chart of ETH/USD (data feed via SimpleFX). However, when the price moved down, it broke the channel support at $10.30 and started moving down.

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Ethereum Price Technical Analysis

Now, the price is well below the channel support area and looks set for a move towards $10.10. If the current trend continues, there is even a chance of a complete test of $10.00 in the short term.

Hourly MACD – The MACD has just moved from the bearish to bullish zone, calling for a downside move.

Hourly RSI – The RSI has slipped below the 50 level, which is a bearish sign.

Major Support Level – $10.10

Major Resistance Level – $10.40

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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