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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Losing Pace, Could Dip To $175 Before Higher

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

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  • Ethereum price is under pressure and it could slide towards the $175 support against the US Dollar.
  • Bitcoin is currently correcting higher and it recently tested the $9,000 support area.
  • There was a break below a key bullish trend line with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently consolidating near $182 and it could decline towards the $175 support.

Ethereum price is struggling to continue higher versus the US Dollar, similar to bitcoin. ETH price might revisit the $175 support area before it could climb again.

Ethereum Price Analysis

After climbing above the $190 level, Ethereum failed to clear the $194 and $195 resistances against the US Dollar. A swing high was formed near $194 and the price declined below the $190 support.

Furthermore, there was a close below the $190 support and the 100 hourly simple moving average. It opened the doors for more losses below the $185 level. More importantly, there was a break below a key bullish trend line with support near $186 on the hourly chart of ETH/USD.

Finally, the price spiked below the $180 support and traded as low as $179. At the moment, the price is correcting higher above the $180 level. It broke the 23.6% Fib retracement level of the recent decline from the $194 high to $179 swing low.

However, the $185 level and the 100 hourly SMA are acting as resistances. On the upside, the next resistance is near the $186 level. It represents the 50% Fib retracement level of the recent decline from the $194 high to $179 swing low.

If there is an upside break above $186, the price could test the $190 resistance area. Any further gains might push the price towards the $195 level. An intermediate resistance is near the 76.4% Fib retracement level of the recent decline from the $194 high to $179 swing low.

On the downside, the $180 level is an initial support. If there are more downsides, the price could test the main $175 support area, where the bulls are likely to take a stand.

Ethereum Price

Looking at the chart, Ethereum price is showing a lot of positive signs above the $175 support, but it might dip further in the short term. Having said that, the price is likely to bounce back above $190 as long as there is no daily close below $175.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is correcting moving higher and it might soon climb above the 50 level.

Major Support Level – $175

Major Resistance Level – $190

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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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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