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

Ethereum Price Analysis: ETH Bracing For Next Move Higher

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
sleepwalking, technical analysis ethereum

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Key Highlights

  • ETH price traded towards the $147 level and later corrected lower against the US Dollar.
  • There is a short term bearish trend line formed with resistance at $138 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair likely to break the $138 and $140 resistance levels to start a fresh upward move.

Ethereum price is gaining traction against the US Dollar and bitcoin. ETH/USD must stay above the $131 support initiate a fresh rally above $140.

Ethereum Price Analysis

Recently, we saw a nice upside move from the $114 swing low in ETH price against the US Dollar. The ETH/USD pair broke the $128 and $130 resistance levels. There was also a close above the $130 level and the 100 hourly simple moving average. The price traded above the $140 level and formed a high at $146.95. Later, there was a downside correction below the $140 level. Sellers pushed the price below the 23.6% Fib retracement level of the last move from the $114 low to $146 high.

However, the decline was protected by the $130 support and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last move from the $114 low to $146 high acted as a support. If there is a downside break below the 100 SMA and the $130 level, there could be further declines. On the upside, there is a strong resistance near $138-140. Besides, there is a short term bearish trend line formed with resistance at $138 on the hourly chart of ETH/USD.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price must break the trend line and the $140 resistance to start a fresh upside move. Above the $140 level, the price may perhaps climb towards the $146 and $150 levels in the near term. On the downside, the $130 level is a strong support.

Hourly MACD – The MACD is back in the bearish zone.

Hourly RSI – The RSI is placed near the 50 level.

Major Support Level – $130

Major Resistance Level – $140

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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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