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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Nosedives To Final Bearish Target, Can It Recover?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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  • Ethereum is down more than 6% and it broke the key $140 support area against the US Dollar.
  • The price tested the final bearish target near the $132 and $130 levels.
  • There is a short term contracting triangle forming with resistance near $133 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could correct higher, but it is likely to face sellers near $136 or $138.

Ethereum price is diving below key supports versus the US Dollar and bitcoin. ETH price could continue to move down towards $125 if it fails to stay above $130.

Ethereum Price Analysis

In the past few analyses and the weekly forecast, we discussed the chances of Ethereum declining to the $132 support against the US Dollar. ETH price did start a nasty declining in the past few sessions and broke many supports near $140.

Moreover, there was a close below the $140 level and the 100 hourly simple moving average. It opened the doors for more losses and the price tumbled below the $135 level. Finally, it spiked below the $132 support and tested the $130 area.

A new monthly low was formed near $130 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $142 high to $130 low.

Besides, there is a short term contracting triangle forming with resistance near $133 on the hourly chart of ETH/USD. Therefore, Ethereum price could either recover above $133 or extend its decline.

On the upside, the next major resistance is near the $136 level. Additionally, the 50% Fib retracement level of the recent decline from the $142 high to $130 low is also near the $136 level.

Having said that, the price must climb above the $138 and $140 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the $130 support area.

A clear break below the $130 level will most likely open the doors for a nasty decline towards the $125 support or the $122 area in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is down more than 6% and it clearly dropped heavily after it broke the $140 support. Similarly, there could be another slide if the price fails to stay above the $130 support area.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly reducing its bearish slope.

Hourly RSI – The RSI for ETH/USD is currently in the oversold region, with no signs of a major recovery.

Major Support Level – $130

Major Resistance Level – $136

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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
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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