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Ethereum Price Analysis – ETH/USD Nosedives Below Key Level

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

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Key Highlights

  • There was a sharp decline in ETH price below the $88 support against the US Dollar.
  • A very important bullish trend line with support at $90.00 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is now likely heading towards the next support area at $80.95

Ethereum price nosedived against the US Dollar and Bitcoin amid XRP rise, and now ETH/USD may trade further lower towards the $80.90 zone.

Ethereum Price Major Breakdown

In the last analysis, we discussed that if there is a break below $90 in ETH price against the US Dollar, there can be an extension of losses. The price failed to hold gains and broke the $90 support. The most important move was below yesterday’s highlighted bullish trend line with support at $90.00 on the hourly chart. It opened the doors for more declines, and the price even broke the $88 support.

The downside was with strong momentum, taking the price below the 61.8% Fib retracement level of the last wave from the $83.35 low to $93.49 high. There was a sharp decline and the price even broke the $84 support. Later, there was a close below the last swing low of $83.35. This means the price may now head towards the 1.236 extension of the last wave from the $83.35 low to $93.49 high.

Ethereum Price Technical Analysis ETH USD

It looks like the ETH sellers are in full control, and may attempt to take the price further lower. There are even chances of ETH/USD testing $80.95 level. On the upside, the broken support at $88.42 and the 100 hourly simple moving average may now act as a resistance. There is a short-term trend change with a break below $85.

Hourly MACD – The MACD has moved sharply in the bearish zone.

Hourly RSI – The RSI is reaching oversold levels at 28.

Major Support Level – $80.95

Major Resistance Level – $88.40

 

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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