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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Bulls Eye Crucial Bullish Break

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

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  • Ethereum is approaching the main $152 and $155 resistance levels against the US Dollar.
  • The price is likely to rally significantly once there is a clear break above $152.
  • There is a key bullish trend line forming with support near $148 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could dip a few points, but it remains supported near $148 and $145.

Ethereum price is trading with a positive bias versus the US Dollar, similar to bitcoin. ETH price needs to rally above $152 to continue higher in the coming sessions.

Ethereum Price Analysis

After forming a support base above $144, Ethereum started a decent upward move against the US Dollar. ETH price is rising steadily and it recently climbed above the $148 resistance area.

Moreover, there was a break above the $150 resistance and the 100 hourly simple moving average. However, the price ran into a crucial resistance area near $152, where the bears protected further upsides.

A high is forming near $152 and the price is currently correcting lower. An immediate support is near the $149.50 area. Besides, the 50% Fib retracement level of the upward move from the $146 swing low to $152 high is also near $149.

More importantly, there is a key bullish trend line forming with support near $148 on the hourly chart of ETH/USD. Therefore, Ethereum is likely to find a strong buying interest near the $149 and $148 levels.

Additionally, the 61.8% Fib retracement level of the upward move from the $146 swing low to $152 high is near the $148 level and the 100 hourly simple moving average.

If there is a downside break below the $148 support, the price could continue to move down towards the main $144 support area in the near term.

Conversely, the bulls are likely to make another attempt to surpass the $152 resistance area. In the mentioned case, there are high chances of a sharp rally above the $152 and $155 resistance levels.

The next major resistance is near the $158 level. Thus, a successful close above $158 could signal a trend change in the medium term and the price could climb towards $172.

Ethereum Price ETH Chart
Ethereum Price

Looking at the chart, Ethereum price is trading in a positive zone above the $148 and $144 support levels. In the short term, there could be a downside correction, but the price is likely to bounce back.

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 currently just above the 50 level, with a few positive signs.

Major Support Level – $144

Major Resistance Level – $152

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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
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