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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ethereum Price Weekly Analysis: ETH Facing Uphill Task Near $114

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

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  • ETH price recovered a few points, but it is facing a lot of hurdles near $114 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $107 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate higher if it succeeds in surpassing the $114 and $115 resistance levels.

Ethereum price is showing a few positive signs versus the US Dollar and Bitcoin. ETH/USD must break the $114 resistance to stay in the positive zone in the near term.

Ethereum Price Analysis

Recently, we saw a couple of swing moves in ETH price above the $102 and $104 levels against the US Dollar. Later, the ETH/USD pair formed a decent support above $104 and started an upward move. The pair gained momentum above the $104 and $107 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $117 high to $101 swing low. The price traded with a positive bias above the $105 pivot zone.

Moreover, there was a break above a major bearish trend line with resistance at $107 on the 4-hours chart of ETH/USD. The pair tested the $109-110 resistance area where sellers emerged. Moreover, the price also failed near the 50% Fib retracement level of the last decline from the $117 high to $101 swing low. At the moment, the price action is positive above $107, but ETH is facing a lot of hurdles near the $109 and $112 resistance levels. More importantly, the 100 hourly simple moving average is also near the $112 level to act as a solid hurdle. Finally, the 61.8% Fib retracement level of the last decline from the $117 high to $101 swing low is at $112. Therefore, the price must break the $112-114 resistance area for an upside acceleration.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price made a nice upward move above the $107 resistance. However, a proper close above $114 is needed for more gains in the near term.

Technical Indicators

4-hours MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

4-hours RSI – The RSI for ETH/USD is currently placed nicely above the 50 level.

Major Support Level – $107

Major Resistance Level – $114

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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

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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