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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Analysis: SEC Chairman’s Stance Isn’t Helping Buyers

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

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  • ETH price remained below the key $133 and $134 resistance levels against the US Dollar.
  • SEC’s Chairman reaffirmed that Ethereum (ETH) is not a security, but it failed to boost the market.
  • This week’s important bearish trend line is in place with resistance at $133 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair needs to surpass the trend line and the $134 resistance for a solid upward move.

Ethereum price remained below major resistance levels against the US Dollar and bitcoin. ETH failed to gain traction despite SEC’s Chairman Reaffirmation that it is not a security.

Ethereum Price Analysis

Recently, ETH price recovered nicely after trading towards the $127 level against the US Dollar. The ETH/USD pair formed a low just above the $127 level and later corrected above the $129 resistance level. It even jumped above the $130 level and the 50% Fib retracement level of the last slide from the $135 high to $127 swing low. However, the upside move was capped by the $134 resistance level and the 100 hourly simple moving average. There were a couple of spikes near the $134 resistance before the price corrected lower.

It declined below the 23.6% Fib retracement level of the recent wave from the $127 swing low to $134 high. The price declined below the $132 level, but the $131 level acted as a decent support. Besides, the 50% Fib retracement level of the recent wave from the $127 swing low to $134 high provided support. There was a fresh upside move, but the price is still facing a strong resistance near $134 and the 100 hourly SMA. More importantly, this week’s key bearish trend line is in place with resistance at $133 on the hourly chart of ETH/USD.

Therefore, a proper break above the trend line, the 100 hourly SMA, and the $134 resistance is must for more gains. The next key resistance is at $136, above which the price may test $139. On the other hand, if the price fails to climb above $134, it could decline again below the $131 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly facing a strong resistance near the $133-134 area. As long as sellers keep the price below the $134 level, there is a risk of more losses in the near term. If not, thee price could rally above the $136 level and revisit the $139-140 resistance area.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD recently moved lower from the 55 level and it is currently near 50.

Major Support Level – $130

Major Resistance Level – $134

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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