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Ethereum Price Weekly Analysis: ETH Facing Strong Resistance Near $140

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 started a major upward move after forming a low at $112.80 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $122 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is now placed in a positive zone, but it is struggling to clear the $142 resistance area.

Ethereum price moved back higher versus the US Dollar and Bitcoin. ETH/USD must surpass the $142 resistance to continue higher in the near term.

Ethereum Price Analysis

This past week, ETH price declined below the $130 and $120 support levels against the US Dollar. The ETH/USD pair traded as low as $112.80 and later formed a solid support. It seems like the $112 area and the 100 simple moving average (4-hours) provided support. Later, the price started a strong upside move and traded above the $125 and $134 resistance levels.

There was a break above the 50% Fib retracement level of the recent decline from the $152 swing high to $112 swing low. Moreover, there was a break above a major bearish trend line with resistance at $122 on the 4-hours chart of ETH/USD. The pair also cleared the $138 resistance, but it struggled to clear the $142 resistance. Besides, the 76.4% Fib retracement level of the recent decline from the $152 swing high to $112 swing low also acted as a resistance. The price is currently trading in a range near the $130 level and it may make the next move soon.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that ETH price could dip a few points towards the $128 or $122 level before the next upside move. A break above the $142 and $144 resistance levels may clear the path for more gains. The next resistance is at $152 followed by $155.

4-hours MACD – The MACD is slightly placed in the bullish zone.

4-hours RSI – The RSI is placed just above the 50 level.

Major Support Level – $128

Major Resistance Level – $142

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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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