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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

EthereumPrice Tech Analysis –ETH/USD’s Support Turned Resistance

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

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Key Highlights

  • ETH price declined recently and traded towards the $286 support against the US Dollar.
  • There is a major bearish trend line forming with resistance at $300.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might correct towards $300.50-302.00 where it is likely to face selling pressure.

Ethereum price moved down sharply against the US Dollar and Bitcoin. ETH/USD found support near $286 and is currently recovering towards $302.

Ethereum Price Resistance

It seems like ETH price completely failed to make it above the $310-312 levels against the US Dollar. The price started a downside move below $308 and due to a sharp rise in Bitcoin buying, ETH moved down. There was a break below a major support area near $302, which ignite further losses. Sellers even succeeded in breaking the $300 and $296 support levels and a low was formed near $285.23.

The $286 support acted as a strong support once again and pushed the price higher. It has moved above the 23.6% Fib retracement level of the last decline from the $312.27 high to $285.23 low. However, the upside move failed near the $299 level and the 50% Fib retracement level of the last decline from the $312.27 high to $285.23 low. On the upside, there is a major bearish trend line forming with resistance at $300.50 on the hourly chart of ETH/USD. The stated $299-302 region was a support earlier and now it is acting as a resistance.

Ethereum Price Technical Analysis ETH USD

The 100 hourly simple moving average is also near $303 to act as a barrier for more gains. It seems like there can be ranging moves in ETH above $286-290 before the price jumps above $305. On the downside, the $285-286 support levels are significant for the current trend.

Hourly MACD – The MACD is back in the bearish zone.

Hourly RSI – The RSI is now below the 50 level near 40.

Major Support Level – $286

Major Resistance Level – $302

 

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

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