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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum (ETH) Price Prediction: Can Ether Hold This Key Support?

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

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  • ETH price corrected lower recently, but stayed above the key $156-157 support against the US Dollar.
  • The price is facing a lot of hurdles near the $162 and $163 levels on the upside.
  • There is a short term declining channel in place with resistance near $163 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $156 support to avoid a downside break in the near term.

Ethereum price is facing a lot of selling interest versus the US Dollar and bitcoin. ETH could bounce back above $163 as long as the $156 support area is intact.

Ethereum Price Analysis

Recently, there was a decent upward move above $165 in Ethereum price against the US Dollar. The ETH/USD pair spiked towards the $170 resistance, but it failed to hold gains. There was no clear break above the $168-169 resistance zone. As a result, there was a downside correction below the $165 and $163 levels. The price even broke the $160 level and the 100 hourly simple moving average. However, the $156-157 support area acted as a strong buy zone.

The price recently traded above the $162 level, and the 23.6% Fib retracement level of the last decline from the $169 swing high to $157 swing low. There are recovery signs visible, but it seems like the $163 level is acting as a significant resistance. It also represents the 50% Fib retracement level of the last decline from the $169 swing high to $157 swing low. At the outset, the price is moving lower and trading just above the key $156-157 support area. If the bulls fail to defend the $156 support area, there is a risk of a sharp decline.

The next key support is near the $155 level, below which Ether price could decline towards the $150 support level. On the upside, the price must clear the $163 level to start a decent upward move. There is also a short term declining channel in place with resistance near $163 on the hourly chart of ETH/USD.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price may trade in a range above the $157 support for some time before the next break. The chances of a fresh increase are high as long as bitcoin price is gaining strength. If there is a downside break below $155, it could put a lot of pressure on the bulls in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently in the bearish zone, with a few negative signs.

Hourly RSI – The RSI for ETH/USD recently declined below the 50 level, but holding the 40 level.

Major Support Level – $157

Major Resistance Level – $163

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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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