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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Just Reversed But Bulls Are Not Out of Woods Yet

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

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Ethereum is down close to 5% and it broke the $155 support area against the US Dollar. ETH price tested the main $145 support area and it is currently correcting higher.

  • Ethereum struggled to clear the $160 resistance and decline below the $155 level.
  • The bulls defended the main $145 support area (as discussed in the weekly analysis).
  • There was a break below a major contracting triangle with support near $155 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair must stay above the $145 support and recover above $155 to avoid more downsides.

Ethereum Price Nosedives

Yesterday, Ethereum made a couple of attempts to clear the $160 resistance area against the US Dollar. ETH price failed to gain bullish momentum above $160 and started a sharp decline.

There was a break below the key $155 support and the 100 hourly simple moving average. More importantly, there was a break below a major contracting triangle with support near $155 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The pair even traded below the $148 swing low and tested the main $145 support area (as discussed in the weekly analysis). A new weekly low is formed near $146 and the price is currently correcting higher.

Ethereum surpassed the $150 level to start a decent recovery. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $160 swing high to $146 swing low.

On the upside, there is a strong resistance forming near the $155 level and the 100 hourly simple moving average (the recent breakdown zone). The 50% Fib retracement level of the recent decline from the $160 swing high to $146 swing low is also near the $155 level.

To move back into a positive zone, the price must clear the $155 resistance and make another attempt to surpass the key $160 resistance in the coming sessions.

Bearish Scenario

On the downside, there is a decisive support forming near the $145 level. If the bulls fail to keep Ethereum price above the $145 support, there is a risk of a sharp decline.

The next support below $145 is near the $136 level, below which the price could even decline towards the $124 support level in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is struggling to recover and it is below the 40 level.

Major Support Level – $145

Major Resistance Level – $155

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.

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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