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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Analysis: ETH Could Make a Sustained Move Higher

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

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  • ETH price managed to stay above the $130 support level and recovered above $132 against the US Dollar.
  • There were swing moves near $130 before the price settled above the $132 pivot level.
  • This week’s important bearish trend line was breached with resistance at $131 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now facing a solid resistance near the $134 level and it could extend gains in the near term.

Ethereum price spiked a few times higher against the US Dollar and bitcoin. ETH formed a solid support near $130 and it may climb higher above the $134 and $135 resistance levels.

Ethereum Price Analysis

Yesterday, we saw a few swing moves near the $130 level in ETH price against the US Dollar. The ETH/USD pair spiked sharply below the $130 and $129 levels and later recovered above the $130 level. Later, there were consolidation moves before the price climbed above the $131 and $132 resistance levels. More importantly, there was a close above the $132 resistance and the 100 hourly simple moving average.

During the upside, this week’s important bearish trend line was breached with resistance at $131 on the hourly chart of ETH/USD. The pair broke the 50% Fib retracement level of the last slide $135 swing high to $129 swing low. It opened the doors for more gains above the $132 level. There was also a spike above the $133 level, but upsides were capped by the key $134 resistance. The price also faced sellers near the 76.4% Fib retracement level of the last slide $135 swing high to $129 swing low. It is currently consolidating above the $132 support and the 100 hourly SMA.

On the upside, the price needs to clear the $134 resistance to continue higher. The next main resistance is near the last swing high at $135. Once the price clears both hurdles, it is likely to test the $140 resistance. On the other hand, if there is a downside correction, the $132 level might provide support. Any further losses might push it back towards the $130 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price clearly made a few nasty moves, but it managed to settle above $132, which is a positive sign. As long as it stays above the $132 support and the 100 hourly SMA, it remains supported for more upsides towards the $135, $137 and $140 levels.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD climbed well above the 60 level and it is currently correcting lower towards 55.

Major Support Level – $132

Major Resistance Level – $135

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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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Created by industry experts and meticulously reviewed
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