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Home Technical analysis

Ethereum Price Analysis: ETH Trading Near Make-or-Break Levels

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
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  • ETH price is struggling to trade above the $133 and $134 resistance levels against the US Dollar.
  • The price is holding the $130 support, it is likely to make the next move soon.
  • This week’s crucial bearish trend line is intact with current resistance at $132 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either break the trend line and rally or decline below the $130 support in the near term.

Ethereum price is following a bearish structure against the US Dollar and bitcoin. However, if ETH breaks $132 and $134, there could be a decent bullish wave towards the $138 level.

Ethereum Price Analysis

After struggling to break the $134 resistance, ETH price declined steadily against the US Dollar. The ETH/USD pair traded below the $132 support and settled well below the 100 hourly simple moving average. It even broke the 50% Fib retracement level of the last swing wave from the $127 low to $134 high. The price traded close to the $130 support level, where buyers emerged. There was a minor upside correction above the $131 level and the 23.6% Fib retracement level of the recent decline from the $134 high to $130 low.

However, the upside move remains capped by the $132 level and the 100 hourly simple moving average. More importantly, this week’s crucial bearish trend line is intact with current resistance at $132 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $134 high to $130 low. Clearly, the $132-133 resistance area is very crucial and it could be spark the next move.

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The next move in ETH could be either above the $132 and $133 resistance levels or below the $130 support. If there is an upside break above $133 and the 100 hourly SMA, the price could climb sharply higher. The next key resistances area near the $135 and $136 levels, followed by $138. On the other hand, a break below the $130 support may push the price towards the $127 support level.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be facing a strong resistance near the $132 level and the 100 hourly SMA. Besides, the $133 and $134 levels are also significant barriers. Therefore, buyers need to put up a strong fight if they have to push the price back in a positive zone.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.

Hourly RSI – The RSI for ETH/USD managed to move above the 50 level, with a positive bias and angle.

Major Support Level – $130

Major Resistance Level – $133

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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