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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Ethereum Price Weekly Analysis: ETH/USD Facing Uphill Task Below $140

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Key Highlights

  • ETH price formed a decent support near $98 and recovered recently against the US Dollar.
  • There is a major bearish trend line formed with resistance at $117 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a lot of hurdles near $117, $120, $$132 and $139 in the near term.

Ethereum price remains in a bearish zone versus the US Dollar and Bitcoin. ETH/USD must clear the $117 and the $132 resistance to climb towards $165.

Ethereum Price Analysis

After a sharp decline, ETH price traded close to the $100 support area against the US Dollar. The ETH/USD pair traded as low as $98 and later started an upside correction. The price formed a decent support near the $98-100 zone and later climbed higher. It moved above the $110 and $115 resistance levels. There was even a break above the 23.6% Fib retracement level of the last drop from the $180 high to $98 low.

However, upside were capped by $125 and the price remained well below the 100 simple moving average (4-hours). More importantly, there is a major bearish trend line formed with resistance at $117 on the 4-hours chart of ETH/USD. The pair is currently consolidating near the trend line and $115. Buyers need to break the $117 and then $120 resistances to climb higher. The next major hurdle is near the $138-140 zone. It coincides with the 50% Fib retracement level of the last drop from the $180 high to $98 low.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is struggling to break the $117 and $120 resistance. If buyers continue to struggle, there is a chance of a downside break below $110. The main support is at $100 followed by the $95 level.

4-hours MACD – The MACD is currently flat in the bearish zone.

4-hours RSI – The RSI is placed nicely above the 50 level with a neutral angle.

Major Support Level – $100

Major Resistance Level – $117

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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

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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