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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Eyeing Last Line of Defense: Here Are Key Supports To Watch

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ethereum is declining steadily below the $235 resistance zone against the US Dollar. It seems like ETH could decline heavily if it breaks the $225 support zone in the near term.

  • Ethereum is trading in a bearish zone below $232 and the 100 hourly simple moving average.
  • The price is slowly declining towards the key $225 support zone.
  • Yesterday’s followed major declining channel is still active with resistance near $232 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if it fails to stay above the main $225 support zone.

Ethereum Price Declining Steadily

In the past two days, Ethereum price followed a bearish path from the $238-$240 resistance against the US Dollar. ETH broke many supports such as $235 and $232 to move into a short-term bearish zone.

It even settled below the $232 level and the 100 hourly simple moving average. Ether traded close to the $225 support zone and formed a new intraday low at $226. It is currently correcting higher and trading above $228.

An initial resistance on the upside is near the $230 level. It is close to the 50% Fib retracement level of the recent decline from the $235 swing high to $226 low. More importantly, yesterday’s followed major declining channel is still active with resistance near $232 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum price trades below $230. Source: TradingView.com

The channel resistance is near the 61.8% Fib retracement level of the recent decline from the $235 swing high to $226 low. Therefore, the price is likely to face a strong selling interest near the $232 level and the 100 hourly simple moving average.

On the downside, the main support is seen near the $225 level. If the price fails to stay above the $225 support, there is a risk of a larger decline towards the $218 and $215 levels in the near term.

Chances of an Upside Break in ETH?

To move into a positive zone, Ethereum must break the channel resistance, $232, and the 100 hourly SMA. The next key resistance is near the $238 and $240 levels.

If ether price settles above the $240 resistance zone, it could start a strong increase. The next set of resistances might be near the $250 and $255 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.

Hourly RSI – The RSI for ETH/USD is now just above the 40 level, with bearish signs.

Major Support Level – $225

Major Resistance Level – $232

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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