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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH Losing Bullish Momentum, Downsides Limited

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

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  • ETH price struggled to stay above the $121 and $119 support levels against the US Dollar.
  • This week’s followed major bullish trend line was breached with support at $121 on the hourly chart of ETH/USD (data feed via Kraken).
  • There is a new connecting bearish trend line in place with resistance at $121 on the same chart.
  • The price could revisit $121-122 resistance zone, where sellers are likely to reemerge.

Ethereum price is pointing a few bearish signs against the US Dollar and bitcoin. ETH/USD is now at a risk of an extended decline towards the $117 or $114 support level in the near term.

Ethereum Price Analysis

In the past few days, we saw range moves in ETH price below the $124 and $125 resistances against the US Dollar. The ETH/USD pair failed to break the $125 resistance and it recently declined below the $121 and $119 support levels. The decline was such that there was a spike below the $117 level and the 100 hourly simple moving average. More importantly, this week’s followed major bullish trend line was breached with support at $121 on the hourly chart of ETH/USD. The pair traded close to the $115 support and later bounced back sharply above $117.

Buyers were able to take the price above the 50% Fib retracement level of the recent decline from the $125 high to $115 low. However, the previous support levels near $121 and $122 are acting as hurdles for buyers. Besides, there is a new connecting bearish trend line in place with resistance at $121 on the same chart. The price also struggled to clear the 61.8% Fib retracement level of the recent decline from the $125 high to $115 low. At the moment, it seems like the price might jump above the $121 level, but upsides are likely to remain capped. If buyers struggle to push the price above the $122-123 zone, there could be a fresh decline.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is somewhat struggling below the $122-123 resistance zone. Having said that, the price needs to clear the last swing high at $125 to continue higher in the near term. If not, there is a risk of more losses below $119 and $117 in the near term. The main supports for a major decline is around the $114 and 115 levels.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD could move back in the bullish zone, but there are many negative signs visible.

Hourly RSI – The RSI for ETH/USD jumped higher after testing the 40 level and it is currently just above 50.

Major Support Level – $117

Major Resistance Level – $125

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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