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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Ethereum Price Analysis: ETH Remains Sell Until It Breaks 100 SMA

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

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  • ETH price corrected a few points after a sharp decline below the $142 support area against the US Dollar.
  • The price corrected above $138, but the previous supports at $141 and $142 prevented gains.
  • There is a short term breakout pattern in place with resistance at $140 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break the $142 resistance and the 100 hourly simple moving average to move into a positive zone.

Ethereum price started consolidating losses after a major drop against the US Dollar and bitcoin. ETH/USD remains sell on rallies until it breaks the $142 barrier and the 100 hourly SMA.

Ethereum Price Analysis

Recently, we saw a sharp decline in ETH price from well above $165 against the US Dollar. The ETH/USD pair broke many supports such as $155, $150 and $142. It even broke the $136 support and traded near the $130-131 zone. A low was formed near $131 and later the price started correcting higher. It moved above the $135 and $136 levels and later started consolidating losses. Buyers pushed the price towards the 23.6% Fib retracement level of the recent drop from the $166 high to $131 low.

However, the $141 and $142 levels acted as a strong resistance. At the outset, it seems like there is a short term breakout pattern in place with resistance at $140 on the hourly chart of ETH/USD. On the upside, the pair needs to clear the triangle resistance and the $142 level. The main resistance is near the $144 level and the 100 hourly simple moving average. If buyers succeed in clearing the 100 hourly SMA and $144, there could be more gains. The next key resistance is near the $149 level. It represents the 50% Fib retracement level of the recent drop from the $166 high to $131 low.

On the other hand, if there is no upside break above $144, the price could decline further. A break below the $136 support may push the price towards the $132 level. Finally, a break below the recent swing low will most likely push the price below $130.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price might continue to struggle near the $141, $142 and $144 resistance levels. However, if there is a successful close above $144 and the 100 hourly SMA, buyers could gain momentum in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slightly placed in the bullish zone, with no major bullish signal.

Hourly RSI – The RSI for ETH/USD is currently just around the 50 level, with a flat structure and neutral bias.

Major Support Level – $132

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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