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

Ethereum (ETH) Holding Crucial Support While Bitcoin Is Declining

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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  • Ethereum price is still struggling to climb above $186, $188 and $190 resistances against the US Dollar.
  • The price is currently declining and it seems like it could retest the $180 support area.
  • There are two major bearish trend lines forming with resistance near $186 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is under a lot of pressure and it recently decline below the $8,500 support.

Ethereum price is holding an important support versus the US Dollar, while climbing vs bitcoin. ETH price might retest the $180 or $178 support area in the near term.

Ethereum Price Analysis

Recently, Ethereum found a strong buying interest near the $178 level against the US Dollar. As a result, ETH price started an upward move above the $180 and $182 levels.

Moreover, the price broke the $185 resistance and the 100 hourly simple moving average. However, the upward move was capped by the $186 resistance area. A high was formed near $186 and the price is currently correcting lower.

It broke the 23.6% Fib retracement level of the recent wave from the $177 low to $186 high. At the moment, the price is trading near the $184 level and the 100 hourly simple moving average.

An immediate support is near the $182 level. Besides, the 50% Fib retracement level of the recent wave from the $177 low to $186 high is also near the $182 level. The main support is near the $180 level, below which the price is likely to revisit the $178 support area.

On the upside, Ethereum price is still struggling to climb above $186, $188 and $190 resistances. More importantly, there are two major bearish trend lines forming with resistance near $186 on the hourly chart of ETH/USD.

If there is a clear break above both the trend lines, the price is likely to make an attempt to surpass the $188 resistance area. Having said that, a clear break and close above the $190 resistance is needed for a sustained move higher in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is somehow holding the $180 and $178 levels. On the other hand, bitcoin is declining and it even traded below the $8,500 support level. Therefore, there are high chances of a decent upward move as long as ETH price is trading above the $180 and $178 support levels.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently gaining bearish momentum and is well below the 50 level.

Major Support Level – $180

Major Resistance Level – $186

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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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