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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum at Potentially Key Turning Point, Bitcoin Holding $7K

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

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  • Ethereum is still trading above the $122 and $125 support levels against the US Dollar.
  • The price could start a decent increase above the $128 and $130 resistance levels.
  • This week’s major bearish trend line was breached with resistance near $126 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin spiked above $7,300, but it failed to continue higher and it is now near $7,200.

Ethereum price is trading above major uptrend supports versus the US Dollar and bitcoin. ETH price must settle above $130 to start a fresh increase in the near term.

Ethereum Price Analysis

After forming a support base near $123 and $125, Ethereum price rallied against the US Dollar. ETH price surged above the $128 and $130 resistance levels.

Moreover, this week’s major bearish trend line was breached with resistance near $126 on the hourly chart of ETH/USD. The pair tested the $132 resistance, but it failed to stay above the 100 hourly simple moving average.

A high was formed near $132 and the price declined heavily back below $130. It is now consolidating above the $125 support and below the 100 hourly simple moving average.

A low is formed near $124, and the price is currently testing the 23.6% Fib retracement level of the recent decline from the $132 high to $125 low. An immediate resistance is near the $127 level and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the recent decline from the $132 high to $125 low is near the $128 level. The main hurdles are still near the $130 level. A successful close above the $130 level could start a strong rise in the coming sessions.

Additionally, the next major resistance is seen near the $135 level. Conversely, Ethereum price might struggle to climb above the $128 and $130 resistance levels.

On the downside, an initial support is near the $125 level, below which the price could test the $123 low or the $122 support. The next major support is near the $120 level. A clear break below $120 may perhaps lead the price towards the $116 and $115 levels.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price clearly failed to stay above the $130 resistance and trimmed most gains. However, the $125 and $123 levels are important. As long as there is no close below $120, the price could recover slowly towards $135.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is just below the 50 level, with a minor bearish angle.

Major Support Level – $123

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

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

Ad discliamer

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