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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Eyes Larger Upward Move: Can Bulls Make It?

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

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  • ETH price started a steady rise above the $158 and $160 resistance levels against the US Dollar.
  • The price traded above the $165 level and recently corrected lower below $165.
  • There is a major contracting triangle in place with resistance near $167 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to climb higher in the near term towards the $170 or even $180 level.

Ethereum price remains in a decent uptrend versus the US Dollar, but in downtrend against bitcoin. ETH is struggling to follow BTC’s rise, but it may soon climb higher.

Ethereum Price Weekly Analysis

This past week, Ethereum price formed a decent support base above the $150 level against the US Dollar. The ETH/USD pair started an upward move after bitcoin price started a strong rise above $5,500. There was a strong wave above the $155 and $156 resistance levels. The price even broke the $160 level and settled above the 100 simple moving average (4-hours). The bulls pushed the price towards the $170 level, where sellers emerged.

As a result, there was a downside correction below the $166 and $165 levels. The 50% Fib retracement level of the last wave from the $154 swing low to $169 swing high was breached. Ether price tested the $158-160 support area, where the bulls protected more losses. It seems like the 76.4% Fib retracement level of the last wave from the $154 swing low to $169 swing high acted as a support. More importantly, the price is still above $160 and the 100 simple moving average (4-hours).

There is also a major contracting triangle in place with resistance near $167 on the 4-hours chart of ETH/USD. If there is an upside break above the $165 and $166 levels, the price is likely to grind higher towards the $169 and $170 levels. Above the $170 swing high, the price is likely to rally towards the $180 level. On the other hand, if there is a downside break below the $158 support, the price could start another drop to $150.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum is trading above a few important supports near $158. Besides, as long as the price is above the 100 SMA, there are high chances of an upside break above $170 and $172. The main target for the bulls could be $180, where sellers are likely to defend a run towards the $200 level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is currently slowly moving in the bearish zone.

4 hours RSI – The RSI for ETH/USD recently moved back above the 50 level, with a positive angle.

Major Support Level – $158

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.

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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