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technical analysis ethereum

Ethereum (ETH) Setting For Breakout or Further Decline?

Avatar Aayush Jindal 6 months ago
  • Ethereum is holding the key $145 support area and recovering against the US Dollar.
  • The price is currently facing a strong resistance near the $152 area.
  • Earlier, there was a break above a major bearish trend line with resistance near $150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price remains well bid, but it might struggle to climb further above $152 and $155.

Ethereum price is facing an uphill task versus the US Dollar and bitcoin. ETH price must break the $152 and $155 resistance levels to continue higher.

Ethereum Price Analysis

Recently, there was a downside correction in Ethereum from the $158 resistance area against the US Dollar. ETH price declined below the $152 support area and the 100 hourly simple moving average.

Moreover, the price broke the $150 support area and traded close to the $145 support. A low was formed near $146 and the price is currently recovering. It climbed above the $148 resistance level.

Besides, there was a break above the 23.6% Fib retracement level of the latest decline from the $158 high to $146 low. More importantly, there was a break above a major bearish trend line with resistance near $150 on the hourly chart of ETH/USD.

However, the $152 support area and the 100 hourly simple moving average are now acting as hurdles. Additionally, the 50% Fib retracement level of the latest decline from the $158 high to $146 low is acting as a resistance.

Ethereum price is now trading inside a contracting triangle with resistance near the $151 level on the same chart. Therefore, an upside break above the $151 and $152 levels might push the price further higher.

The next key resistance is near the $155 level, above which it could rise towards the main $158 resistance area. Conversely, the price could fail to continue higher and decline below $148.

An immediate support is near the $146 and $145 levels. Any further losses might push the price into a bearish zone towards the $140 and $138 levels. The main support is near the last month low near $132.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is showing a few bearish signs below the $152 and $155 resistance levels. Having said that, the price must clear the $158 hurdle to move into a medium term uptrend. If not, it may perhaps resume its decline below the $145 and $140 levels.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently above the 50 level and it could decline again.

Major Support Level – $146

Major Resistance Level – $152

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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