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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum (ETH) At Risk Of More Downsides Below $175

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

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  • Ethereum price struggled to climb above the $185 resistance and declined recently against the US Dollar.
  • Bitcoin price is also facing selling interest and it is now trading below the $8,200 support area.
  • There is a new connecting bearish trend line forming with resistance near $181 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to decline further below $175 as long as it is trading below the $185 resistance.

Ethereum price is struggling to climb higher versus the US Dollar, similar to bitcoin. Therefore, ETH price could decline below the $175 support in the near term.

Ethereum Price Analysis

Yesterday, Ethereum tested the $188 resistance area against the US Dollar. However, it struggled to continue higher, resulting in a fresh decline below the $185 level. The stated $185 level later acted as a resistance. ETH price extended its decline below the $180 level and it also settled below the 100 hourly simple moving average. The price even broke the $178 support area and traded to a new weekly low near $177.

A swing low was formed near $177 and the price is currently consolidating losses. It corrected a few points above the $178 level. Moreover, the price tested the 23.6% Fib retracement level of the recent decline from the $188 high to $177 swing low. However, the $180-$182 zone seems to be acting as a resistance for the bulls. More importantly, there is a new connecting bearish trend line forming with resistance near $181 on the hourly chart of ETH/USD.

Above the trend line, the $183 level might act as a resistance since it coincides with the 100 hourly SMA. Moreover, the 50% Fib retracement level of the recent decline from the $188 high to $177 swing low is also near the $183 level. The main resistance on the upside for Ethereum bulls is near the $185 level, above which it could revisit the $188 resistance.

Conversely, if there is no upside break above the $185 resistance, the price could continue to decline. The main supports are near $178 and $175. A successful close below the $175 support could start a strong decline in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly struggling to gain bullish momentum above $185 and $188. Besides, there are many hurdles on the upside near the $192 and $195 levels. Therefore, the price could react to the downside unless the bulls clear the $185 resistance.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is struggling to move into the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 level, with a bearish angle.

Major Support Level – $175

Major Resistance Level – $185

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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