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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Analysis: ETH Could Turn Bearish Again Below $134

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • ETH price failed to break the $139 and $140 resistance levels against the US Dollar.
  • The price started a downside move, with an increase in selling pressure below the $138 level.
  • Yesterday’s highlighted ascending channel with support at $137 was breached on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if sellers manage to push the price below the $134 support level.

Ethereum price is struggling to hold recent gains against the US Dollar and bitcoin. ETH/USD is now at a risk of a downside break if the $134 support fails to hold the current decline.

Ethereum Price Analysis

In the past few sessions, ETH price faced a strong barrier near the $139 and $140 resistance levels against the US Dollar. The ETH/USD pair made a couple of attempts to surpass the $140 barrier, but buyers failed to gain momentum. The last swing high was formed just below $140 before the price started a fresh downside move. Sellers gained pace and pushed the price below the $138 and $136 support levels.

During the decline, yesterday’s highlighted ascending channel with support at $137 was breached on the hourly chart of ETH/USD. The pair dropped sharply towards the $134 support level, where buyers emerged. More importantly, the 100 hourly simple moving average acted as a strong support near the $134 level. Later, the price recovered above the $135 level and the 50% Fib retracement level of the recent drop from the $140 swing high to $134 low. However, the upside move was capped by the broken channel trend line and the $137.50 level.

Besides, the 61.8% Fib retracement level of the recent drop from the $140 swing high to $134 low acted as a significant resistance. The price fails to move above $138 and it is currently following a bearish path. On the downside, the $134 support and the 100 hourly SMA are important barriers for sellers. If they succeed in taking out $134, there could be a sharp drop in Ethereum price below the $132 level. The next key support is near the $129 level, which was a resistance earlier.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly facing a strong barrier near the $138, $139 and $140 resistance levels. As long as the price is below $140, there is a risk of a fresh decline below the $134 and $132 levels. The next important support could be near the $129-130 zone.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing a few negative signs in the bearish zone.

Hourly RSI – The RSI for ETH/USD declined steadily and moved below the 50 level< with a bearish angle.

Major Support Level – $134

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.

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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