• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Ethereum (ETH) Price Holding Uptrend Support, Can Buyers Bounce Back?

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
Advertisement
Listen to Article
  • ETH price started a major downside correction after testing the $180 resistance area against the US Dollar.
  • The price declined below the $170 level and even settled below the $165 support area.
  • There is a short term bearish trend line formed with resistance at $160 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip again towards the $153 support before it could bounce back in the near term.

Ethereum price traded in a range after starting a downside correction versus the US Dollar and bitcoin. ETH could climb back up as long as it stays above the $153 or $150 support.

Ethereum Price Analysis

After a significant upward move, Ethereum price faced a strong resistance near the $180 level against the US Dollar. The ETH/USD pair started a downside correction and traded below the $170 support level. Sellers even succeeded in pushing the price below the $165 support and the 100 hourly simple moving average. Finally, there was a break below the $160 level and the price tested the $153-154 area. A swing low was formed near $153.57 and later the price rebounded.

It broke the 23.6% Fib retracement level of the last decline from the $180 high to $153 swing low. However, the price failed to gain traction above the $165 resistance area (the previous support). Besides, there was no proper test of the 50% Fib retracement level of the last decline from the $180 high to $153 swing low. This means the price may decline to a new swing low below $153.57 before it could rebound above $165. It is currently trading just above the $155 level and the 100 hourly simple moving average.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In the short term, there could be another dip towards $153 or even $150 before buyers appear again. In the worst case, the price might even drop towards the key $145 support area. On the upside, there is a short term bearish trend line formed with resistance at $160 on the hourly chart of ETH/USD.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly correcting the recent gains and it may extend its decline below $153. To start a fresh upward move, the price must clear the $160 and $165 resistance levels. A convincing close above the $165 resistance might complete the current downside correction. Conversely, if we drop to a new swing low, we need to see the next base either around $150 or $145.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.

Hourly RSI – The RSI for ETH/USD declined towards the 30 level and recently recovered above 42.

Major Support Level – $153

Major Resistance Level – $165

Tags: ETHethereum
TweetShare21
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Technicals Point To Extended Ethereum Dominance Over Bitcoin

Technicals Point To Extended Ethereum Dominance Over Bitcoin

4 mins ago
Bitcoin

Bullish Dumping: Bitcoin Sheds Thousands Off Price as Funding Rates Reset

4 hours ago
Chainlink (LINK)

Charted: Chainlink (LINK) Holding Uptrend Support, Why It Could Rally Again

13 hours ago
Ethereum

TA: Ethereum Corrects Lower, Why Dips In ETH Remain Attractive

15 hours ago
Bitcoin

TA: Bitcoin Signaling Further Correction, Why BTC Could Revisit $33K

16 hours ago
Bitcoin

Latest CME Report Reveals Growing Appetite for Bitcoin Amongst Institutions

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

NOWPayments Presents: Fiat Conversion

January 20, 2021

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.