technical analysis ethereum

Ethereum (ETH) Recovery Facing Hurdles, Bitcoin Consolidating

Avatar Aayush Jindal 1 month ago
  • Ethereum is slowly recovering from the $140 support area against the US Dollar.
  • The price is currently facing resistance near the $145 level and the 100 hourly SMA.
  • There was a break above this week’s key bearish trend line with resistance near $144 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price might make another attempt to surpass the $145 and $146 hurdles in the near term.

Ethereum price is showing a few recovery signs versus the US Dollar, while bitcoin is consolidating. ETH price must surpass $148 to move into a positive zone.

Ethereum Price Analysis

Recently, we saw a downside extension in Ethereum below the $144 support area against the US Dollar. Moreover, ETH price broke the $142 support area and the 100 hourly simple moving average.

Finally, it spiked below the $140 support and formed a new monthly low near $139. It is currently correcting higher and it surpassed the $142 resistance area to start a decent recovery.

Besides, there was a break above this week’s key bearish trend line with resistance near $144 on the hourly chart of ETH/USD. The pair is now trading near the $145 resistance and struggling to clear the 100 hourly simple moving average.

The recent high is near $145 and the pair is testing the 23.6% Fib retracement level of the recent recovery from the $139 low to $145 high. If there are additional losses, Ethereum price might correct towards the $142 support area.

Additionally, the 50% Fib retracement level of the recent recovery from the $139 low to $145 high is near the $142 level. Any further losses might push the price below $140 and the bulls are likely to struggle.

On the upside, the bulls need to gain strength above the $145 and $146 resistance levels. More importantly, a close above the $148 resistance and the 100 hourly SMA is needed for a sustained recovery.

The main resistance is still near the $152 area, above which the price is likely to start a solid uptrend in the coming days. If not, it could resume its slide below $140.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is showing a few recovery signs above the $140 level. Having said that, the price is struggling to continue to above the $145 and $146 resistance levels, above which it could retest the $152 resistance.

ETH Technical Indicators

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

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

Major Support Level – $140

Major Resistance Level – $146

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