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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum (ETH) Price Weekly Forecast: More Downsides Likely

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

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  • ETH price failed to gain momentum above $250 and $252 against the US Dollar.
  • The price is currently well below $250 and it remains at a risk of more losses.
  • There is a major bearish trend line forming with resistance at $248 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of more losses and it could accelerate below the $240 level.

Ethereum price is showing signs of weakness versus the US Dollar and bitcoin. ETH is likely to accelerate lower if it breaks the $240 and $235 support levels in the near term.

Ethereum Price Weekly Analysis

This past week, Ethereum price started a short term recovery from the $233 swing low against the US Dollar. The ETH/USD pair recovered above the $240 and $245 levels. There was a break above the 23.6% Fib retracement level of the last decline from the $274 swing high to $233 swing low. However, the price faced a strong resistance near the $250 and $252 resistance levels. Moreover, the 100 simple moving average (4-hours) also prevented gains and acted as a strong resistance.

Moreover, the 50% Fib retracement level of the last decline from the $274 swing high to $233 swing low also stopped upsides. More importantly, there is a major bearish trend line forming with resistance at $248 on the 4-hours chart of ETH/USD. The pair is now trading well below the trend line, $250, and the 100 simple moving average (4-hours). As long as the pair is below $250, it remains at a risk of more losses. An initial support is near the $240 level, below which the price could retest the $235 support.

If there are more losses, the price could decline sharply towards the $225 support. To start a decent recovery, the price must surpass the trend line, $250, and the 100 simple moving average (4-hours). A successful close above $250 could initiate a strong upward move towards the $255 and $260 levels. The next key resistance for the bulls is near the $270 level.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum price is facing a strong resistance near the $250 level and the 100 SMA. If the bulls continue to struggle, the price is likely to accelerate lower towards the $225 and $220 levels. On the upside, a clear break above $250 and $252 might start a strong upward move in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

4 hours RSI – The RSI for ETH/USD is currently well below the 50 level and it could decline further below 40.

Major Support Level – $235

Major Resistance Level – $250

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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

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