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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – ETH/USD Testing Key Support 2017-11-16

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

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Key Highlights

  • ETH price is correcting lower and is currently trading near a major support at $326 against the US Dollar.
  • Yesterday’s highlighted major bullish trend line with current support at $326 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price should hold the trend line support near $326 to remain in the bullish zone.

Ethereum price is correcting lower against the US Dollar and Bitcoin. ETH/USD has to maintain bid tone above $326 to gain upside momentum.

Ethereum Price Support

There was a new minor high formed at $337.29 in ETH price against the US Dollar. Later, the price started correcting lower and moved below $335. There was a break below the 23.6% Fib retracement level of the last leg up from the $314.44 low to $337.29 high. The downside correction was decent since the price even broke the $326 level once before recovering.

It tested the 61.8% Fib retracement level of the last leg up from the $314.44 low to $337.29 high. The $323 level held the downside move along with yesterday’s highlighted major bullish trend line with current support at $326 on the hourly chart of ETH/USD. The highlighted trend line support could play an important role near $326 in the short term. Therefore, the pair has to remain above $326 and $323 to avoid further declines.

Ethereum Price Technical Analysis ETH USD

On the upside, the $335 level is an initial resistance followed by the recent high at $337.29. A close above $337.29 could open the doors for more gains may be toward $360 in the near term. The 100 hourly simple moving average is currently positioned at $318 and is showing positive signs. If the price continues to stay above the $323 level, there is a chance of it gaining momentum.

Hourly MACD – The MACD has reduced most of its bullish slope.

Hourly RSI – The RSI has just moved below the 50 level.

Major Support Level – $323

Major Resistance Level – $337

 

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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