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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 Forecast: Short Term Upside In Play

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

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  • ETH price seems to be forming a decent support near the $150 level against the US Dollar.
  • The price corrected higher and traded above the $154 resistance level.
  • There was a break above a connecting bearish trend line with resistance near $152 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct further higher towards $160 if it settles above the 100 hourly simple moving average.

Ethereum price is showing a few positive signs versus the US Dollar and bitcoin. ETH bulls could succeed in starting a short term upward move towards the $160 or $162 resistance.

Ethereum Price Analysis

After trading towards the $146 level, Ethereum price recovered a few points against the US Dollar. The ETH/USD pair traded above the $155 level, but it failed to clear the $158 level. As a result, there was a fresh dip and the price retested the $150 support level. However, there was no new low and the price stayed above the $150 support area. Recently, there was another recovery wave above the $152 and $154 resistance levels.

The price climbed above the 50% Fib retracement level of the recent decline from the $159 swing high to $150 swing low. Moreover, there was a break above a connecting bearish trend line with resistance near $152 on the hourly chart of ETH/USD. However, the price struggled to gain momentum above the $156 level and the 100 hourly simple moving average. The 76.4% Fib retracement level of the recent decline from the $159 swing high to $150 swing low also acted as a resistance.

At the moment, the price is trading above the broken trend line and $154. Having said that, the bulls need to surpass the 100 hourly SMA and $146 to push the price further higher. In the mentioned case, the price could recover towards the $160 resistance area. It also represents the 1.236 Fib extension level of the recent decline from the $159 swing high to $150 swing low. On the other hand, a failure to gain traction above $156 or $158 might result in a fresh decline.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is likely to recover further towards $160 in the short term. If the bulls fail to gain strength, the price is likely to retest the $150 support level. Any further losses could push the price to a new weekly low below the $146 support area in the near term.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD climbed back above the 50 level, with a positive angle.

Major Support Level – $150

Major Resistance Level – $156

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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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