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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Price Analysis: ETH Trading Near Crucial Juncture

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

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Created by industry experts and meticulously reviewed
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  • ETH price continues to face a strong resistance near the $138 and $140 levels against the US Dollar.
  • The price failed to gain strength above the $139 level and remained below the $140 pivot.
  • Yesterday’s key bearish trend line is intact with resistance near $138 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of a sharp decline towards the $133 support before it could bounce back.

Ethereum price is trading below important resistances against the US Dollar and bitcoin. ETH must break the $138 and $140 resistance to avoid a sharp downside reaction in the near term.

Ethereum Price Analysis

Recently, we saw a downside correction in ETH price below the $140 and $138 supports against the US Dollar. The ETH/USD pair tested the $135 support level and later started consolidating in a range. It recovered a few points above the $136 level and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the last drop from the $141 high to $135 low.  However, the price faced a strong resistance near the $138 and $139 levels.

Sellers defended the 50% Fib retracement level of the last drop from the $141 high to $135 low. More importantly, yesterday’s key bearish trend line is intact with resistance near $138 on the hourly chart of ETH/USD. Therefore, there is a strong resistance formed near $138. A proper close above the trend line could push the price towards the $141 resistance area. Once there is a follow through above the $141 swing high, the price may continue to rise towards the $144 and $145 levels.

On the other hand, if buyers fail to gain strength above the trend line and $139, there could be a sharp decline. An immediate support is near the $135 level. However, in the mentioned bearish scenario, there are chances of a fresh weekly low near the $133 or $132 support. If there are more declines, the price could head towards the key $129 support area.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly trading near a crucial juncture below $138 and $139. A continuous failure to gain bullish momentum above $138 is likely to result in a bearish reaction. Sellers are likely to take control below $135 and the price may move into a short term bearish zone. The key supports to watch are $133 and $129.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently flat in the bearish zone.

Hourly RSI – The RSI for ETH/USD recently dipped below the 50 level with a bearish angle and tested the 40 level.

Major Support Level – $135

Major Resistance Level – $138

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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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