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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Recovery Underway But Bulls Likely To Struggle

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

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  • ETH price started a short term recovery from the $233 swing low against the US Dollar.
  • The price broke the $242 resistance, but it is still well below the $252 and $255 resistances.
  • There was a break above a major bearish trend line with resistance near $244 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently trading in range and facing many hurdles on the upside near $252 and $255.

Ethereum price is currently recovering above key levels versus the US Dollar and bitcoin. ETH price is likely to struggle to move above the $252 and $255 resistance levels.

Ethereum Price Analysis

After trading as low as $233, Ethereum price started a short term recovery against the US Dollar. The ETH/USD pair traded above the $235 and $240 resistance levels to move into a positive zone. There was a break above the 23.6% Fib retracement level of the downward move from the $270 high to $233 low. The price action is positive above $240, but the price is facing many hurdles on the upside.

Moreover, there was a break above a major bearish trend line with resistance near $244 on the hourly chart of ETH/USD. The price is currently struggling to clear the $248 resistance. Above $248, the next major resistance is near the $252 level and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $270 high to $233 low is also near the $252 level. If there is a clear break above the $252 resistance, the price could attempt to gain pace above the $255 level.

A proper close above the $255 level plus the 61.8% Fib retracement level of the downward move from the $270 high to $233 low is needed for more gains. Conversely, if there is a downside break, an initial support is near the $242 level. If the bulls fail to hold the $242 level, the price is likely to move back towards the $235 level. Any further declines may perhaps increase chances of a downside break below $233.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price seems to be trading in a range below the $248 and $252 resistance levels. On the downside, the main support are $242 and $235. If the price fails to move above $252 or $255, there is a risk of a downside extension below the $230 level in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone, with a few bearish signs.

Hourly RSI – The RSI for ETH/USD is currently moving lower towards the 50 level.

Major Support Level – $235

Major Resistance Level – $252

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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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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

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