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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) Rebound Approaching Crucial Resistance

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

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  • Ethereum price is currently correcting losses after it traded as low as $$153 against the US Dollar.
  • Bitcoin price is struggling to recover above the $7,500 and $7,600 resistance levels.
  • This week’s followed bearish trend line is still active with resistance near $164 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a strong resistance near the $164 and $165 levels in the near term.

Ethereum price is slowly rebounding versus the US Dollar, while bitcoin is still struggling. ETH price must climb above $165 to extend its recovery to $170.

Ethereum Price Analysis

Yesterday, we saw a massive decline in Ethereum below the $170 and $165 support levels against the US Dollar. Moreover, ETH price settled below the $165 support and the 100 hourly simple moving average.

It opened the doors for more losses and the price traded below the $160 support. Finally, there was a spike below $155 and the price traded as low as $153. Recently, it started an upside correction above the $155 and $158 levels.

Additionally, there was a break above the 23.6% Fib retracement level of the downward move from the $178 high to $153 low. Ethereum is currently consolidating above $160, but it is facing a lot of hurdles on the upside near the $164 and $165 levels.

More importantly, this week’s followed bearish trend line is still active with resistance near $164 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the downward move from the $178 high to $153 low.

Besides, the 100 hourly SMA is also positioned near the $165 level. Therefore, an upside break above the $165 resistance is needed for a recovery towards the $170 and $172 resistance levels.

If the price fails to recover above the $164 and $165 resistance levels, it could resume its decline. An immediate support is near the $158 level, below which the price could revisit the $153 low. Any further losses might call for a break below the $150 support area.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly facing a lot of barriers on the upside near $164 and $165. In the short term, the price could make an attempt to surpass $165 and the 100 hourly SMA. However, it is likely to fail near $165 and likely to resume its decline in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.

Hourly RSI – The RSI for ETH/USD is correcting higher and is approaching the key 50 level.

Major Support Level – $153

Major Resistance Level – $165

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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.

Read more

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

Ad discliamer

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