Ethereum Price Analysis: ETH Could Rally If $116 Support Holds

Aayush Jindal

1 year ago

2 mins read

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ETH price is currently consolidating above the $116 and $117 support levels against the US Dollar.
Yesterday’s highlighted key bearish trend line is active with resistance at $126 on the hourly chart of ETH/USD (data feed via Kraken).
The pair may gain bullish momentum sooner or later as long as it is above the $116 support.

Ethereum price is trading in ranges against the US Dollar and bitcoin. ETH/USD might start a solid upward move if it continues to hold the $116 support area in the near term.

Ethereum Price Analysis

Recently, ETH price climbed above the $125 resistance made an attempt to break $128 against the US Dollar. However, the ETH/USD pair failed to gain strength above the $128 resistance and later declined. It moved below the $125 and $123 support levels. More importantly, there was a break below the $121 level and the 100 hourly simple moving average. However, the $116 and $117 support levels once again acted as a solid support and prevented more declines.

A low was formed near $117.27 and the price later recovered. It climbed above the 23.6% Fib retracement level of the last drop from the $128 high to $117 low. On the upside, there are many hurdles for buyers, starting with the $123 level and the 100 hourly simple moving average. It also coincides with the 50% Fib retracement level of the last drop from the $128 high to $117 low. Besides, yesterday’s highlighted key bearish trend line is active with resistance at $126 on the hourly chart of ETH/USD. An intermediate resistance is near the $125 level and the 61.8% Fib retracement level of the last drop.

Looking at the chart, ETH price is likely to struggle to clear the $123, $125 and $128 resistance levels. Having said that, as long as the price is above $116, it could start a steady rise in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slightly placed in the bullish zone, with a flat structure.

Hourly RSI – The RSI for ETH/USD is moving nicely above the 50 level, but with no bullish signals.

Major Support Level – $116

Major Resistance Level – $128

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.

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.
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