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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH Could Extend Consolidation Above $114

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

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  • ETH price remained in a range and consolidated above the $114 and $116 supports against the US Dollar.
  • There was a break below a short term contracting triangle with support at $119 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might continue to consolidate and it could even test the $114 support area in the near term.

Ethereum price is showing signs of extended consolidation against the US Dollar and bitcoin. ETH/USD could decline towards the $114 support before the next upward move.

Ethereum Price Analysis

Recently, we saw a decent upward move in ETH price above the $122 level against the US Dollar. The ETH/USD pair tested the $125 resistance zone and later corrected lower. It declined below the $124 and $122 levels to start a short term downside correction. There was a break below the 50% Fib retracement level of the last leg from the $115 swing low to $125 high. The price even traded below the $120 level, but it stayed above the 100 hourly simple moving average.

Moreover, there was a break below a short term contracting triangle with support at $119 on the hourly chart of ETH/USD. The pair tested the $117 level, where buyers emerged. Besides, it traded close to the 76.4% Fib retracement level of the last leg from the $115 swing low to $125 high. The pair is currently trading above the $116 support, with a few bearish signs. To climb higher, the price must break the $122 and $123 resistance levels. On the other hand, if it fails to move past $122, ETH sellers may push the price towards the $114 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is placed nicely above the $114 support and the 100 hourly SMA. Going forward, there could be range moves above $114 before the price makes the next move. It could either break the $122 resistance or extend the downside correction below $114.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD moved back in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently moving higher towards the 50 level, with a bullish angle.

Major Support Level – $116

Major Resistance Level – $122

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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
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