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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Analysis: Real Bounce In ETH Or Just Rebound?

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

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  • ETH price climbed higher sharply and broke the $127 and $130 resistances against the US Dollar.
  • The price even broke the $134 resistance and retested the key $139 resistance level.
  • Yesterday’s highlighted key bearish trend line was breached with resistance at $130 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair rebounded nicely, but as long as it is below $139 and $140, it could decline once again.

Ethereum price surged higher and cleared many hurdles against the US Dollar and bitcoin. However, ETH/USD is still below the key $139 resistance, which could result in a fresh drop.

Ethereum Price Analysis

After a sharp decline, ETH price found support near the $122 level against the US Dollar. The ETH/USD pair started a solid recovery and broke the $124 and $127 resistance levels. Later, it broke the $130 resistance and the 100 hourly simple moving average. Besides, there was a break above the 61.8% Fib retracement level of the last drop from the $135 swing high to $122 swing low. It opened the doors for more gains and the price gained pace above $130 and $132.

During the rise, yesterday’s highlighted key bearish trend line was breached with resistance at $130 on the hourly chart of ETH/USD. Finally, there was a break above the $134 resistance and the price revisited the key $139 resistance. Sellers emerged near $139, resulting in a minor pullback. The price declined below the $136 and $135 levels. There was a spike below the 23.6% Fib retracement level of the recent wave from the $122 low to $139 high.

However, the $134 support acted as a decent buy zone and the price started consolidating gains. The current price action suggests that there could be more losses below $134. The price could drop towards the $130 support and the 100 hourly simple moving average. The 50% Fib retracement level of the recent wave from the $122 low to $139 high is also near the $130 level to act as a support. The next key support is near the $129 level (the previous resistance).

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price recovered nicely, but it faced a strong resistance near the $139 level. The stated level prevented gains earlier and it may continue to stop buyers near $139 and $140. As long as the price is below $139 and $140, it could decline once again in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level, with a minor bearish angle.

Major Support Level – $134

Major Resistance Level – $139

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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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