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Ethereum (ETH) Setting For Breakout or Further Decline?

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

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  • Ethereum is holding the key $145 support area and recovering against the US Dollar.
  • The price is currently facing a strong resistance near the $152 area.
  • Earlier, there was a break above a major bearish trend line with resistance near $150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price remains well bid, but it might struggle to climb further above $152 and $155.

Ethereum price is facing an uphill task versus the US Dollar and bitcoin. ETH price must break the $152 and $155 resistance levels to continue higher.

Ethereum Price Analysis

Recently, there was a downside correction in Ethereum from the $158 resistance area against the US Dollar. ETH price declined below the $152 support area and the 100 hourly simple moving average.

Moreover, the price broke the $150 support area and traded close to the $145 support. A low was formed near $146 and the price is currently recovering. It climbed above the $148 resistance level.

Besides, there was a break above the 23.6% Fib retracement level of the latest decline from the $158 high to $146 low. More importantly, there was a break above a major bearish trend line with resistance near $150 on the hourly chart of ETH/USD.

However, the $152 support area and the 100 hourly simple moving average are now acting as hurdles. Additionally, the 50% Fib retracement level of the latest decline from the $158 high to $146 low is acting as a resistance.

Ethereum price is now trading inside a contracting triangle with resistance near the $151 level on the same chart. Therefore, an upside break above the $151 and $152 levels might push the price further higher.

The next key resistance is near the $155 level, above which it could rise towards the main $158 resistance area. Conversely, the price could fail to continue higher and decline below $148.

An immediate support is near the $146 and $145 levels. Any further losses might push the price into a bearish zone towards the $140 and $138 levels. The main support is near the last month low near $132.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is showing a few bearish signs below the $152 and $155 resistance levels. Having said that, the price must clear the $158 hurdle to move into a medium term uptrend. If not, it may perhaps resume its decline below the $145 and $140 levels.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 level and it could decline again.

Major Support Level – $146

Major Resistance Level – $152

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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.

Read more

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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