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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 Is At Risk of More Losses Below $121

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • ETH price recovered a few points, but it failed to clear the $130 and $131 resistances against the US Dollar.
  • There is a major bearish trend line in place with resistance at $130 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to struggle near $130 and it may decline further in the short term.

Ethereum price is facing an uphill task against the US Dollar and bitcoin. ETH/USD may continue to face a strong resistance near the $130 zone.

Ethereum Price Analysis

Recently, we saw a minor upside correction above $130 in ETH price against the US Dollar. The ETH/USD pair even moved above the $134 level, but gains were limited. There was even a push above the 23.6% Fib retracement level of the recent drop from the $160 swing high to $121 low. However, the price struggled to settle above the $135 resistance and later declined.

There was a break below the $126 level and the 100 hourly simple moving average. However, the price remained above the $121 support and it is currently consolidating losses. More importantly, there is a major bearish trend line in place with resistance at $130 on the hourly chart of ETH/USD. A break above trend line and then $131 may push the price towards the $135 resistance. The main resistance is near $140 and the 50% Fib retracement level of the recent drop from the $160 swing high to $121 low. On the downside, the $121 support area holds a lot of importance. If there is a break below $121, the price could extend declines.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be struggling to regain bullish momentum above $130 and $135. Therefore, there is a risk of a downside break below $121.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is slowly moving lower towards the 50 level.

Major Support Level – $121

Major Resistance Level – $135

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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

Ad discliamer

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