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sleepwalking, technical analysis ethereum

Ethereum Price Analysis: ETH Bracing For Next Move Higher

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
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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.

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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.

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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

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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