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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ethereum Price Analysis: ETH Nosedived, More Declines Likely

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

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Key Highlights

  • ETH price failed to stay above the $146 support and declined heavily against the US Dollar.
  • There is a short term bearish trend line formed with resistance at $128 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may correct a few points towards $130, but it is likely to extend declines below $120.

Ethereum price declined heavily during the past few hours against the US Dollar and bitcoin. ETH/USD could test $110 or $105 if it fails to recover above $128 and $136.

Ethereum Price Analysis

Yesterday, we saw a solid support near the $144-146 zone for ETH price against the US Dollar. The ETH/USD pair recently failed to break the $150-151 zone and a bearish trend line. It resulted in a sharp bearish reaction and the price declined below the $146 and $144 supports. Sellers gained control and pushed the price below the $130 level. There was even a close below the $130 level and the 100 hourly simple moving average. A low was formed near $122 and later the price started consolidating losses.

An initial resistance is the 23.6% Fib retracement level of the recent drop from the $151 high to $122 swing low. Moreover, there is also a short term bearish trend line formed with resistance at $128 on the hourly chart of ETH/USD. If there is a break above the trend line and $128, the price may recover further. The next key resistance is near the $126 level. The stated level represents the 50% Fib retracement level of the recent drop from the $151 high to $122 swing low. A proper close above the $136 level is needed for a decent recovery in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price clearly made a sharp U-turn below the $146 support. As long as the price is below $136, there is a risk of more losses. A break below $122 and $121 may push the price towards $110.

Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone, but the overall bias is still negative.

Hourly RSI – The RSI for ETH/USD is currently recovering from the oversold zone.

Major Support Level – $121

Major Resistance Level – $136

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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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