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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

TA: Ethereum Lacks Momentum, Showing Early Signs of a Minor Drop

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum climbed higher nicely from the $425 support zone against the US Dollar. ETH price is struggling to clear the $460 resistance and it could revisit $420 in the near term.

  • Ethereum is showing a few bearish signs below the key $460 resistance level.
  • The price is trading above the $440 support and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with support near $450 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline towards $420 if it fails to stay above $440 and the 100 hourly SMA.

Ethereum Price is Facing Hurdles

After a sharp downside correction, Ethereum found support near the $425 level. ETH price formed a base above $425 and started a fresh increase above the $435 resistance.

Ether gained pace above the $440 resistance and the 100 hourly simple moving average. There was also a break above the $450 resistance, but the price faced a major barrier near the $460 level. A high is formed near $461 and the price is currently declining.

There was a break below the $454 level, plus the price traded below the 23.6% Fib retracement level of the recent wave from the $425 low to $461 high.

Ethereum Price

Source: ETHUSD on TradingView.com

It seems like there is a major contracting triangle forming with support near $450 on the hourly chart of ETH/USD. If ether price breaks the triangle support, it could test the $442 support. It is close to the 50% Fib retracement level of the recent wave from the $425 low to $461 high.

The next major support is near the $440 level and the 100 hourly simple moving average, below which there is a risk of a sharp decline towards $425 or even $420 in the coming sessions.

Upsides Capped in ETH?

On the upside, an initial hurdle for Ethereum is near the triangle resistance at $458. The main resistance is near the $460 level, above which the bulls are likely to gain strength.

A successful break above the $460 resistance is likely to open the doors for a move towards the $470 zone. The next major resistance is near the $480 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is sliding and approaching the 50 level.

Major Support Level – $440

Major Resistance Level – $460

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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

Ad discliamer

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