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Ethereum Price Analysis: ETH/USD Extending Declines Below $120

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price failed to move above the $135 and $136 levels against the US Dollar.
  • There is a new key bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure and it could accelerate declines below the $120 level.

Ethereum price is faced a fresh round of selling against the US Dollar and bitcoin. ETH/USD broke the $120 low and it could accelerate further losses.

Ethereum Price Analysis

Yesterday, we saw a minor upside correction in ETH price from the $122 support against the US Dollar. The ETH/USD pair corrected above the $130 and $132 levels. The price also moved above the 50% Fib retracement level of the last slide from the $145 high to $121 swing low. However, the upside, move was capped by the $135 an $136 resistance levels.

Buyers also failed to break the 61.8% Fib retracement level of the last slide from the $145 high to $121 swing low. Moreover, there is a new key bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD. Clearly, the pair failed to gain momentum above the $136 level and declined. The recent downside move was such that the price broke the $124 and $122 support levels. More importantly, the price traded to fresh yearly low below $120. It seems like sellers are back and they could push the price further lower towards the $115 or $110 levels in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price likely completed a short term correction from the $122 support. It failed to gain pace above key resistances near $136 and $140, resulting in a fresh decline. Buyers need to be careful considering the current market sentiment and break below $120.

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

Hourly RSI – The RSI is currently moving lower towards the 20 level.

Major Support Level – $110

Major Resistance Level – $130

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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

Ad discliamer

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