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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Price Approaching Key Hurdle But Can Bulls Make It?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is currently correcting higher from the $148 monthly low against the US Dollar. ETH price is now facing a couple of key hurdles near the $158, $162 and $164 levels.

  • Ethereum is slowly recovering higher after trading as low as $148.
  • The price is trading above the $152 level, but the bulls are facing a lot of hurdles.
  • Yesterday’s followed two bearish trend lines are active with resistance near $160 and $164 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair could only turn bullish once it clears the $164 resistance and settle above $165.

Ethereum Price Testing 100 Hourly SMA

After settling below the $160 level, Ethereum started a fresh bearish wave against the US Dollar. ETH price broke the $155 support to move further into a short term bearish zone.

Besides, there was a break below the $150 level and settled below the 100 hourly simple moving average. The price traded to a new monthly low at $148 and it is currently correcting higher.

It broke the $152 resistance level to start a correction. Ethereum surpassed the 50% Fib retracement level of the key drop from the $164 swing high to $148 low. However, the price is now facing a couple of hurdles near the $156-$157 area.

The 61.8% Fib retracement level of the key drop from the $164 swing high to $148 low is also likely to act as a key hurdle. More importantly, yesterday’s followed two bearish trend lines are active with resistance near $160 and $164 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

If there is a break above the 100 hourly SMA, the price might test the upper trend line. A successful close above the $164 and $165 resistance levels is needed for a clear direction. The next key resistance is near the $175 level. Any further gains could lead the price towards the $185 and $188 levels.

Dips Supported?

If Ethereum fails to continue above the 100 hourly SMA or the $160 resistance, there are chances of another bearish reaction. On the downside, an initial support is near the $152 level and a connecting bullish trend line on the same chart.

There is also a key support forming near the $145 area (as discussed in the weekly analysis). If the bulls fail to hold the $145 support area, there is a risk of more losses towards the $132 and $130 levels.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently rising and it is above the 50 level.

Major Support Level – $152

Major Resistance Level – $160

Image from unsplash

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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

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

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