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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Ethereum Price Technical Analysis – ETH/USD Sell Complete

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH/USD

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Key Highlights

  • ETH price fell sharply against the US Dollar and moved below $16.50, as mentioned in yesterday’s post.
  • Yesterday’s highlighted bearish trend line with resistance at $17.50 on the hourly chart of ETH/USD (data feed via SimpleFX) is still in play.
  • The price is currently recovering, but likely to face sellers once again near $17.50.

Ethereum price moved down against the US Dollar to settle below $17.00. It looks like ETH/USD might remain under a bearish pressure for some time.

Ethereum Price under Pressure

Yesterday, we saw an increase in the bearish pressure on ETH price vs the US Dollar, as it moved below $18.60. The price extended the downside and declined further. There was a sharp downside move, taking the price below the $18.04 support area. It later moved below a couple of support levels like $17.60, $17.50 and $17.00. Overall, the bearish pressure got hold, and the price fell towards $16.00 to form a low at $16.06.

The most important point was yesterday’s highlighted bearish trend line with resistance at $18.70 on the hourly chart of ETH/USD (data feed via SimpleFX). It acted as a perfect resistance and pushed the price down to complete a sell near $16.50. At the moment, the price is recovering from the $16.06 low. It is attempting to break the 23.6% Fib retracement level of the last drop from the $19.10 high to $16.06 low.

Ethereum Price Technical Analysis ETH/USD

However, the most important resistance is near $17.50. It coincides with the same resistance trend line at $17.55. Also, the 38.2% Fib retracement level of the last drop from the $19.10 high to $16.06 low is at $17.22. So, there are many resistances on the way up for the price.

Hourly MACD – The MACD is now placed well in the bearish zone.

Hourly RSI – The RSI is recovering from the 20 level, but remains well below the 50 level.

Major Support Level – $16.25

Major Resistance Level – $17.50

 

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

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