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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: Selling ETH Close To $135 A Good Deal

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

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  • ETH price failed to climb above the $137 resistance and declined later against the US Dollar.
  • The price declined heavily and broke the $134 and $132 support levels.
  • Yesterday’s highlighted key bearish trend line is active with resistance at $135 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting higher, but it is likely to face sellers near $134 and $135.

Ethereum price declined sharply below key supports against the US Dollar and bitcoin. ETH might correct higher, but it is likely to struggle near the $135 resistance area in the near term.

Ethereum Price Analysis

Yesterday, we discussed the importance of the $136-137 resistance and the 100 hourly simple moving average against the US Dollar. The ETH/USD pair made an attempt to climb above the $136 resistance, but it failed to gain momentum. As a result, there was a sharp bearish reaction below the $135 support level. The decline was such that the price even broke the $134 and $132 support levels. It traded to a new weekly low near $130 and later started an upside correction.

Buyers pushed the price above the $132 level and the 23.6% Fib retracement level of the recent decline from the $136 high to $130 low. However, there are many hurdles on the upside near the $134 and $135 levels. The first hurdle is near $134 and the 61.8% Fib retracement level of the recent decline from the $136 high to $130 low. The stated $134 level was a support earlier, and now it may act as a resistance. Besides, yesterday’s highlighted key bearish trend line is active with resistance at $135 on the hourly chart of ETH/USD.

Lastly, the 100 hourly SMA is also near the $135 level and the trend line. Therefore, if the price continues to rise it is likely to face sellers near the $134 or $135 resistance. On the downside, an initial support is at $132, below which the price may revisit the $130 swing low. Any further losses could lead the price towards the $125 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is facing a lot of hurdles near $134 and $135. Therefore, buying near the stated resistance and 100 SMA might not be a good idea. Clearly, sellers remain in action near $135 and there are chances of a fresh dip towards $132 or $130 in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD moved into the bullish zone, with a positive bias.

Hourly RSI – The RSI for ETH/USD recovered nicely above 40, but it is still well below the 50 level.

Major Support Level – $130

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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