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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum (ETH) Bulls Are Not out of Woods Yet

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • ETH price failed to clear the $170 resistance and extended losses against the US Dollar.
  • The price declined to a new weekly low at $155 before correcting above the $160 level.
  • There is a key bearish trend line in place with resistance at $166 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip again, but buyers are likely to take a strong stand near $155 or $150.

Ethereum price extended losses recently versus the US Dollar and bitcoin. ETH might remain under pressure in the short term, but it will most likely bounce back from $155 or $150.

Ethereum Price Analysis

Yesterday, we saw a decent rebound in Ethereum price above the $165 and $166 levels against the US Dollar. The ETH/USD pair even tested the $170 level, where sellers emerged and protected more upsides. There was a topping pattern formed near $170 and later the price started a fresh decline. It broke the $165 and $160 support levels to enter a bearish zone. The decline was such that the price even broke the last swing low at $160 and settled below the 100 hourly simple moving average.

A new weekly low was formed at $155 before the price started a fresh rebound. It recovered above the $160 level and the 23.6% Fib retracement level of the recent decline from the $170 high to $150 low. An immediate resistance is near the $162-163 area. It represents the 50% Fib retracement level of the recent decline from the $170 high to $150 low. Besides, there is a key bearish trend line in place with resistance at $166 on the hourly chart of ETH/USD.

Therefore, if the price corrects higher above $163, it could face sellers near the $166 level. If bulls fail to push the price above the $166 resistance, there could be another decline. On the downside, there are two important supports near $155 and $150. As long as the price is above these supports, there could be a strong comeback above $165 and $170 in the coming days.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing a few bearish signs below $166 and $170. Therefore, there are high chances of a downside push towards the $155 and $150 levels before a fresh increase. On the upside, a break above the trend line resistance might lead the price towards the $170 resistance area.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently placed in the bearish zone, with negative signs.

Hourly RSI – The RSI for ETH/USD bounced back above 35, but it is well below the 50 level.

Major Support Level – $155

Major Resistance Level – $166

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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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