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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Analysis: ETH Signaling Bullish Continuation Above $140

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

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  • ETH price corrected a few points, but dips remained supported above the $134 level against the US Dollar.
  • The price is slowly grinding higher towards the $139-140 resistance area and it is likely to surpass it.
  • There is an ascending channel in place with support at $136 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards $145 as long as it is above the $134 support area.

Ethereum price is trading with a bullish bias against the US Dollar and bitcoin. ETH/USD could surge to a new monthly high if it breaks the $140 resistance level in the near term.

Ethereum Price Analysis

Recently, we saw a sharp upward move above the $130 resistance in ETH price against the US Dollar. The ETH/USD pair climbed above the $132 and $134 resistance levels to move into a positive zone. Finally, there was a close above the $134 level and the 100 hourly simple moving average. The price extended gains and tested the all-important $140 resistance level, where sellers emerged. Later, there was a downside correction below the $138 level. Sellers pushed the price below the 50% Fib retracement level of the recent rise from the $132 low to $140 high.

However, the drop was protected by the $135 support level. Besides, there was no close below the 61.8% Fib retracement level of the recent rise from the $132 low to $140 high. The price recovered and it is currently trading nicely above the $136 level. Moreover, there is an ascending channel in place with support at $136 on the hourly chart of ETH/USD. The pair is likely to continue higher and it could retest the $140 resistance area.

A successful close above the $140 barrier may open the doors for more gains. The next stop for buyers could be near the $144-145 zone. On the other hand, the channel support at $136 might continue to hold losses. Below $136, the price is likely to test the $134 support level. The main support is near the $133 level and the 100 hourly simple moving average.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is signaling more gains above the $139 and $140 resistance levels. Once there is a close above $140, it could really lift the market sentiment for bitcoin, Ethereum, ripple, EOS, bitcoin cash, litecoin and other cryptocurrencies in the near term.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is placed well above the 60 level and it is moving higher towards the 70 level.

Major Support Level – $134

Major Resistance Level – $140

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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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