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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Ethereum Price (ETH) Flirts With Key Resistance Amid Negative Sentiment

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

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  • ETH price remained supported above the $205 level, but struggled to gain traction against the US Dollar.
  • The price is facing a few key resistances near the $212 and $215 levels.
  • There is a contracting triangle forming with resistance near $211 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either rally above the $215 resistance or it might soon retest the $200 support level.

Ethereum price is still facing a strong selling interest versus the US Dollar and bitcoin. ETH price needs to surpass the $215 resistance to avoid a downside break.

Ethereum Price Analysis

After a sharp dip below the $205 and $200 levels, Ethereum price started an upside correction against the US Dollar. The ETH/USD pair formed a swing low near $197 and recently recovered above the $205 and $210 levels. However, the upward move was capped by the $215 resistance level. Moreover, the 100 hourly simple moving average (currently near $212) also acted as a strong resistance.

The price topped near the $215 level and recently corrected gains. It broke the $210 level plus the 23.6% Fib retracement level of the recent recovery from the $197 low to $215 high. However, the declined was protected by the $205 support level. Moreover, the 50% Fib retracement level of the recent recovery from the $197 low to $215 high acted as a decent support zone.

At the moment, it seems like there is a contracting triangle forming with resistance near $211 on the hourly chart of ETH/USD. On the upside, there is a crucial resistance forming near $211, $212, and the 100 hourly SMA. If there is an upside break above $212, the price is likely to rally above the $215 resistance. In the mentioned case, the next possible target for the bulls could be $225.

On the other hand, if the price fails to break the $212 resistance zone, there could be a fresh bearish wave. An initial support is near the $205 level, below which the price could test the main $200 support level. Any further gains will most likely open the doors for more losses towards the $185 support level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing a few negative signs below the $211-212 resistance area. The bulls need to soon gain pace above $212 to start a decent upward move. If not, the price is likely to react to the downside towards or below $200 in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 level and holding the 40 level.

Major Support Level – $205

Major Resistance Level – $212

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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

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