• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Ethereum ETH Price

Ethereum (ETH) Price Downside Thrust Possible Before 2020 Reversal

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • Ethereum is slowly moving lower towards the $125 support area against the US Dollar.
  • The price is likely to extend losses as long as it is below the $132 resistance.
  • There is a key declining channel forming with resistance near $131 on the hourly chart of ETH/USD (data feed via Kraken).
  • ETH could decline in the near term before it starts a strong rally towards $150 and $175.

Ethereum price is correcting lower versus the US Dollar, while bitcoin is consolidating. ETH price must stay above $120 this week to start a fresh increase.

Ethereum Price Analysis

After forming a top near the $138 level, Ethereum price started a downside correction against the US Dollar. ETH price broke the $135 and $132 support levels to enter a short term bearish zone.

Moreover, there was a close below $132 and the 100 hourly simple moving average. Recently, there was a break below the $130 support and the price traded close to the $128 support.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

A low is formed near $128 and the price is currently recovering. It is trading near the $130 level and the 100 hourly simple moving average. Besides, it is testing the 23.6% Fib retracement level of the downward move from the $138 high to $128 low.

On the upside, there are two key hurdles forming near $131 and $132. Additionally, there is a key declining channel forming with resistance near $131 on the hourly chart of ETH/USD.

The main hurdle for a trend change is near the $132 resistance. It is close to the 50% Fib retracement level of the downward move from the $138 high to $128 low.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Therefore, clear break above the $132 resistance might start a decent upward move towards the $135 and $138 levels. If the bulls gain momentum, Ethereum might rise steady towards the $150 resistance area.

On the other hand, there are chances of more downsides below the $128 support area. The next major support is near the $125 level, below which there is a risk of a sharp decline towards $120 or $115.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is slowly moving lower towards the $125 support area. The main support is near the $120 level, below which the price is likely to remain in a sustained downtrend in the coming days. Conversely, a clear break above $132 and $135 could start a strong rally.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently just below the 50 level.

Major Support Level – $125

Major Resistance Level – $132

Tags: ETHethereum
Tweet123Share196ShareSend
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

XRP

XRP Might Target $0.50 If It Continues To Trade Above This Level

2 days ago
litecoin rally

Why Litecoin Could Be Gearing Up For Its Greatest Rally Since 2017

2 days ago
NEO

NEO Token Surges 5% In Last 24 Hours Despite Market Downtrend

2 days ago
Cardano Rally

Cardano (ADA) Price Saw Technical Breakout: Big Reaction From Bulls Imminent

3 days ago
Ethereum

Ethereum Price Rally To $2,000 On The Horizon, As Bears Show Weak Hands

3 days ago
Bitcoin

Bitcoin Price Trims Losses But Remains In Range, What Could Trigger Fresh Rally

3 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Bashar DAO Launches BASHAR Token: For the Betterment of the Arab Region

March 26, 2023

Futures of metaverse tokens like The Sandbox (SAND), and Decentraland (MANA) are very blurry, while Defi Giant RenQ Finance (RENQ) remains the hottest crypto of 2023

March 26, 2023

TMS Network (TMSN) Poised to Become the Next 1000x Token, Magic (MAGIC) Down 8.38%, and Binance (BNB) among the few Cryptos with an Exciting Future

March 26, 2023

ShibaLauncher: First Community Driven Launchpad on Shibarium Opens Token Pre Sale To SHIB Holders

March 25, 2023

As the competition in the derivatives market heats up, BitMake is poised to stand out

March 25, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 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.