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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Down 5%, But Market Sentiment Is Still Positive

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum ETH

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  • Ethereum is down more than 5% and it broke the $130 support area against the US Dollar.
  • The price is currently testing the $125 and $126 support levels, with a positive bias.
  • Earlier, there was a break below a contracting triangle with support near $132 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is down around 4% and it is now trading below the $7,400 level.

Ethereum price is back to a key support zone versus the US Dollar and bitcoin. ETH price must stay above the $125 support to bounce back in the near term.

Ethereum Price Analysis

Yesterday, we saw a decent increase in Ethereum price above the $130 resistance against the US Dollar. Moreover, ETH price rallied above the 100 hourly simple moving average and $132.

However, the $135 level once again acted as a strong resistance. A swing high was formed near $135 and the price started a downside correction. The bears succeeded in surpassing the $132 and $130 support levels.

Besides, there was a break below a contracting triangle with support near $132 on the hourly chart of ETH/USD. The pair even traded below $128 and the 100 hourly simple moving average.

Finally, the price tested the main $125 and $126 support levels. A low is formed near $126 and the price is currently consolidating losses. It is trading near the 23.6% Fib retracement level of the recent drop from the $135 high to $126 low.

On the upside, the first key resistance is near the $130 level and the 100 hourly simple moving average. Additionally, the 50% Fib retracement level of the recent drop from the $135 high to $126 low is near the $130 level.

Therefore, a successful close above the $130 resistance is needed for a fresh increase. The next major resistance is near the $135 level, above which Ethereum price could rally towards the $140 and $142 levels.

On the other hand, the price could fail to recover above $128 and $130. On the downside, the $125 and $126 support levels are very important. If there is a downside break below the $125 support, the price could turn bearish and start a fresh decline.

Ethereum Price  ETH
Ethereum Price

Looking at the chart, Ethereum price is back to the key $125 support area. As long as it is above the $125 zone, there are chances of a fresh increase towards $130 and $135.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 40 level, with negative signs.

Major Support Level – $125

Major Resistance Level – $130

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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.

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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

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