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technical analysis ethereum

Ethereum (ETH) Holding Uptrend Support But For How Long?

Avatar Aayush Jindal 4 months ago
  • Ethereum is holding the main $144 support, but also struggling to rise against the US Dollar.
  • The price is now trading below the previous support (now resistance) near $148.
  • There is a key bearish trend line forming with resistance near $147 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price is likely to struggle near the $147 and $148 resistance levels in the near term.

Ethereum price is facing an increase in selling versus the US Dollar, similar to bitcoin below $7,400. ETH price could even struggle to hold the key $144 and $142 supports.

Ethereum Price Analysis

After topping near the $152 resistance, Ethereum started a fresh decline against the US Dollar. ETH price broke a couple of key supports near the $150 level.

Moreover, there was a break below the $148 support area and the 100 hourly simple moving average. The decline was such that the price tested the $144 support area. A new weekly low was formed near $143.51 and the price is currently correcting higher.

It surpassed the 23.6% Fib retracement level of the recent decline from the $152 high to $144 low. However, the price is facing a lot of hurdles on the upside near the $148 area.

Besides, the 100 hourly simple moving average is also near the $148 area. More importantly, there is a key bearish trend line forming with resistance near $147 on the hourly chart of ETH/USD.

The trend line also coincides with the 50% Fib retracement level of the recent decline from the $152 high to $144 low. Therefore, an upside break above the $148 zone is needed for a push towards the main $152 resistance area.

Finally, Ethereum bulls need to gain strength above the $152 area to start a strong rise towards the $160 and $162 levels. Conversely, the price could continue to move down below $144.

The main support is near the $142 area. If there is a successful close below the $142 area, there is a risk of a sharp decline towards the $135 and $132 levels in the near term.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is showing a few negative signs below the $148 and $152 levels. It seems like there is a broad range forming and sooner or later the price could either rally above $152 or dive sharply below $142.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving back into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting higher towards the 50 level.

Major Support Level – $142

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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