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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum (ETH) Declining & Likely To Continue Lower

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ethereum price ETH Analysis

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  • Ethereum price is currently declining and it is trading below the $188 level against the US Dollar.
  • It is holding the $185 support area, but there is a risk of more downsides in the near term.
  • This week’s major bullish trend line was breached with support near $189 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is struggling to hold the $9,200 support and it might continue to decline.

Ethereum price is facing an increase in selling pressure versus the US Dollar, similar to bitcoin. ETH price remains at a risk of a break below $185 and $184.

Ethereum Price Analysis

After a decent upward move above $190, Ethereum struggled to continue higher against the US Dollar. As a result, ETH started a downward move and broke the $190 support area.

Furthermore, there was a break below the $188 support area and the 100 hourly simple moving average. More importantly, this week’s major bullish trend line was breached with support near $189 on the hourly chart of ETH/USD.

The price is now trading near the $185 support area, with a few bearish signs. Additionally, it is trading above the 23.6% Fib retracement level of the recent decline from the $195 high to $185 swing low.

An immediate resistance is near the $188 level. Moreover, there is a connecting bearish trend line forming with resistance near $188 on the same chart. If there is an upside break above the trend line, Ethereum could test the $190 resistance area.

Besides, the 50% Fib retracement level of the recent decline from the $195 high to $185 swing low is also near the $190 level. Therefore, a successful break above the $188 and $190 resistance levels is must for a fresh increase in the near term.

On the downside, an immediate support is near the $185 level. If there is a bearish break and close below the $185 support area, the price may perhaps accelerate its decline below $184 and $182. The next key support is near the $180 level. Any further losses could lead the price towards the $175 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is struggling to hold the main $185 support area. Thus, there is a risk of more downsides below $185 and $184 in the coming sessions. Conversely, the price needs to climb back above $188 and $190 to move back into a bullish zone.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently recovering and it is now close to the 50 level.

Major Support Level – $185

Major Resistance Level – $190

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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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