Ethereum Price Analysis: ETH Bracing For Next Move Higher

Aayush Jindal

1 year 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.

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

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.

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.
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