Ethereum Price Analysis: ETH Could Make Sustained Move Higher

Aayush Jindal

1 year ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

ETH price recovered recently and traded above the $130 and $132 support levels against the US Dollar.
The price seems to be struggling near the $137 resistance and the 100 hourly simple moving average.
There is a short term breakout pattern formed with resistance at $136 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to make the next move either above the $137 resistance or towards the $130 support.

Ethereum price is consolidating before the next move against the US Dollar and bitcoin. ETH/USD could gain bullish momentum once it clears the $137 and $140 resistance levels.

Ethereum Price Analysis

Yesterday, we saw a few swing moves in ETH price near the $130 level against the US Dollar. The ETH/USD pair declined heavily, found support near the $126 level, and later bounced back. It settled above the $130 and $132 support levels. The recovery was strong as the price even moved above the $135 level. However, it found a lot of selling interest near the $139-140 resistance zone. There was also no close above the $138 level and the 100 hourly simple moving average.

A swing high was formed near $140 and later the price started trading in a range. It dipped below the 50% Fib retracement level of the last wave from the $126 low to $140 high. However, the decline was protected by the $131-132 zone. Moreover, the 61.8% Fib retracement level of the last wave from the $126 low to $140 high also acted as a support. At the outset, there is a short term breakout pattern formed with resistance at $136 on the hourly chart of ETH/USD.

If there is an upside break above the $136 and $137 resistance levels, the price could revisit the $140 zone. Having said that, a proper close above the $140 and 100 SMA is needed for buyers to gain traction. The next stop for buyers could be $144, where sellers may emerge. On the other hand, if there is a downside break below $133, the price could revisit the $130 support.

Looking at the chart, ETH price seems to be trading in a range above the $130 pivot level. It may continue to trade in a range before the next move either above the $137 resistance or towards the $130 support. The price action is positive, but a follow through above $137 and $140 is must for more upsides.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently flat in the bullish zone.

Hourly RSI – The RSI for ETH/USD climbed higher, but it is struggling to gain pace above 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.
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.