Ethereum (ETH) Rip & Dip Scenario Was Total Disaster

Aayush Jindal

1 year ago

2 mins read

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Ethereum rallied sharply above the $150 resistance, but failed near $152 against the US Dollar.
The price is trimming gains and it is back to pre-rally levels near the $144 support.
There is a short term bullish trend line forming with support near $145 on the hourly chart of ETH/USD (data feed via Kraken).
The price remains at a risk of more losses below the $145 and $144 support levels.

Ethereum price rally above $150 seems to be fake versus the US Dollar, similar to bitcoin. ETH price is back below $150 and it could continue to move down.

Ethereum Price Analysis

Recently, Ethereum started a strong upward move above the $148 and $150 resistance levels against the US Dollar. Moreover, ETH price spiked above the $152 resistance and the 100 hourly simple moving average.

However, the price failed to retain the bullish momentum and topped near the $153 level. As a result, there was a fresh decline below $150 and the price trimmed most its gains.

Besides, the price is trading below the 50% Fib retracement level of the recent rally from the $144 swing low to $153 high. More importantly, Ethereum is back below the $148 level and the 100 hourly simple moving average.

At the moment, the price is declining below the 76.4% Fib retracement level of the recent rally from the $144 swing low to $153 high. An immediate support is near the $145 and $144 levels.

Additionally, there is a short term bullish trend line forming with support near $145 on the hourly chart of ETH/USD. If there is a downside break below the $145 and $144 support levels, the price could even trade below the $142 level.

The next major support is near the $140 level, below which it may perhaps test $135. On the upside, an initial resistance is near the $146 level, followed by $148.

The main resistances are still near the $150 and $152 levels. A successful close above the $152 level is needed for the bulls to take control. In the mentioned case, the price is likely to accelerate higher towards the $158 and $160 resistance levels.

Looking at the chart, Ethereum price is back in a bearish zone and the recent rally above $150 turned out to be a total disaster. If the price continues to move down, there are chances of a downside break below the $140 level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is now back in the bearish zone, with negative signs.

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

Major Support Level – $142

Major Resistance Level – $150

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.

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.
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