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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 (ETH) Price Correcting Gains, Can Buyers Defend $165?

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

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  • ETH price extended gains, but it failed to overcome sellers near the $185 resistance against the US Dollar.
  • The price started a downside correction and traded below the $180 and $174 supports.
  • This week’s key bullish trend line was breached with support at $178 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of more losses, but it is likely to find a strong support above $165.

Ethereum price started a downside correction versus the US Dollar and bitcoin. ETH might extend the recent correction, but bulls are likely to defend losses near the $165 support.

Ethereum Price Analysis

Yesterday, we discussed the chances of more gains above $180 in Ethereum price against the US Dollar. The ETH/USD pair did move higher and traded above the $180 and $182 resistance levels. There was a sharp upward move, but the price failed to break the $185 resistance area. There was a rejection pattern formed near the 61.8% Fib retracement level of the last slide from the $188 swing high to $174 low. As a result, the price started a sharp downside correction below the $182 and $180 levels.

More importantly, this key bullish trend line was breached with support at $178 on the hourly chart of ETH/USD. The pair even spiked below the $174 support level and formed a new intraday low at $170.06. Recently, it recovered a few points above $173 and the 23.6% Fib retracement level of the recent drop from the $185 high to $170 low. However, the price is facing a strong resistance near the broken trend line and $178.

Besides, the 50% Fib retracement level of the recent drop from the $185 high to $170 low is also acting as a resistance. It is currently trading with a bearish angle below $178 and $180. Therefore, there are chances of more losses below the $174 and $172 levels. The price might revisit the $170 level or extend losses below $170. The next major support is at $165, where buyers are likely to appear.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price clearly started a major downside correction from the $185 resistance. Therefore, there is a risk of an extended drop below the $170 support. Having said that, bulls are likely to present a solid buying opportunity near the $165 level. Conversely, if there is a break below the $165 support, the price may revisit the $156 support area.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD declined sharply below the 50 level and it is currently near 40.

Major Support Level – $170

Major Resistance Level – $180

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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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