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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Technical Analysis – ETH/USD Short-term Bearish

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

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Key Highlights

  • The ETH price is struggling to clear a major resistance zone near $370 against the US Dollar.
  • This week’s highlighted contracting triangle pattern with support at $335 on the hourly chart of ETH/USD (data feed via SimpleFX) is at risk of downside break.
  • The pair is now trading below the 100 hourly simple moving average at $347, which is a bearish sign.

Ethereum price is struggling to hold gains against the US Dollar and Bitcoin, and it looks like ETH/USD may break $335 for more declines in the short term.

Ethereum Price Resistance

This week we followed a contracting range pattern with support as $330-335 for ETH price against the US Dollar. It looks like the price is struggling to hold the stated supports, as there was spike towards $318. However, the price recovered later, and moved above the $330 support. Another key point was a close below the 100 hourly simple moving average at $347. It is a short-term bearish sign, and suggests that the price may soon break $330.

On the upside, this week’s highlighted contracting triangle pattern with resistance at $365 on the hourly chart of ETH/USD is acting as a major hurdle. It prevented gains on many occasions, and pushed the price below $350. If sellers gain momentum once again, they can push the price below $330. The stated level also represents the 38.2% Fib retracement level of the last wave from the $256 low to $375 high.

Ethereum Price Technical Analysis ETH USD

The only positive so far is the fact that there was no close below the contracting triangle pattern support at $335. Once there is an hourly close below $330, there can be an increase in the bearish pressure. On the upside, the triangle resistance is currently at $364, which is a major barrier for buyers.

Hourly MACD – The MACD has moved into the bearish zone.

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

Major Support Level – $330

Major Resistance Level – $364

 

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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