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Home Technical analysis

Ethereum (ETH) Price Forecast: Short Term Upside In Play

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
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  • ETH price seems to be forming a decent support near the $150 level against the US Dollar.
  • The price corrected higher and traded above the $154 resistance level.
  • There was a break above a connecting bearish trend line with resistance near $152 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct further higher towards $160 if it settles above the 100 hourly simple moving average.

Ethereum price is showing a few positive signs versus the US Dollar and bitcoin. ETH bulls could succeed in starting a short term upward move towards the $160 or $162 resistance.

Ethereum Price Analysis

After trading towards the $146 level, Ethereum price recovered a few points against the US Dollar. The ETH/USD pair traded above the $155 level, but it failed to clear the $158 level. As a result, there was a fresh dip and the price retested the $150 support level. However, there was no new low and the price stayed above the $150 support area. Recently, there was another recovery wave above the $152 and $154 resistance levels.

The price climbed above the 50% Fib retracement level of the recent decline from the $159 swing high to $150 swing low. Moreover, there was a break above a connecting bearish trend line with resistance near $152 on the hourly chart of ETH/USD. However, the price struggled to gain momentum above the $156 level and the 100 hourly simple moving average. The 76.4% Fib retracement level of the recent decline from the $159 swing high to $150 swing low also acted as a resistance.

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At the moment, the price is trading above the broken trend line and $154. Having said that, the bulls need to surpass the 100 hourly SMA and $146 to push the price further higher. In the mentioned case, the price could recover towards the $160 resistance area. It also represents the 1.236 Fib extension level of the recent decline from the $159 swing high to $150 swing low. On the other hand, a failure to gain traction above $156 or $158 might result in a fresh decline.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is likely to recover further towards $160 in the short term. If the bulls fail to gain strength, the price is likely to retest the $150 support level. Any further losses could push the price to a new weekly low below the $146 support area in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone.

Hourly RSI – The RSI for ETH/USD climbed back above the 50 level, with a positive angle.

Major Support Level – $150

Major Resistance Level – $156

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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