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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

TA: Ethereum Could Narrowly Avoid a Major Correction if it Reclaims $460

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a downside correction below the $460 support level against the US Dollar. ETH price is now trading below $450 and it remains at a risk of more downsides.

  • Ethereum is showing a few bearish signs below the $460 and $455 support levels.
  • The price is now trading well below $460 level the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $453 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower if there is a clear break below the $442 and $440 support levels.

Ethereum Price is Facing Hurdles

Ethereum started a downside correction after it failed to clear the $480 resistance zone. ETH price broke the $465 and $460 support levels to move into a short-term bearish zone.

There was also a close below the $460 level and the 100 hourly simple moving average. Ether price extended its decline below the $450 support and tested the $440 level. A low is formed near $440 and the price is currently correcting higher.

It surpassed the $445 level, plus there was a break above the 23.6% Fib retracement level of the recent decline from the $462 high to $440 low. The price is now approaching the $450-$452 resistance zone.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $453 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $462 high to $440 low. The next major resistance is near the $460 level and the 100 hourly simple moving average.

A successful close above the $460 level and the 100 hourly simple moving average could start a fresh increase. In the stated case, the price could rally towards the $478-$480 resistance zone.

More Downsides in ETH?

If there is no upside break above the $452 and $460 resistance levels, ethereum might extend its decline. An initial support is near the $445 level.

The main support is now forming near the $442 and $440 levels.  Any more losses could trigger a larger decline towards the $432 and $425 support levels in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.

Major Support Level – $440

Major Resistance Level – $460

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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.

Read more

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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