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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 (ETH) Showing Further Signs Of Weakness

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

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  • ETH price is trading in a bearish zone below the $190 and $192 resistances against the US Dollar.
  • The price is at a risk of more downsides if it breaks the $185 and $182 support levels.
  • There is a key bearish trend line forming with resistance at $187 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might slowly move down towards the $182 and $180 support levels in the near term.

Ethereum price is trading in a bearish zone versus the US Dollar and bitcoin. ETH price could decline sharply if it fails to stay above the $182 and $180 support levels.

Ethereum Price Analysis

After a failed upside attempt near $195, ETH price started a fresh decline against the US Dollar. The price broke the key $192 support level to move back into a bearish zone. Moreover, there was a close below the $190 level and the 100 hourly simple moving average. On the downside, the $184 level seems to be acting as a decent support. Similarly, there were mostly bearish moves in bitcoin below the $10,300 and $10,400 levels.

At the moment, Ethereum is trading near the $185 level. An immediate support is near the $184 level. If there is a downside break below the $184 support, the price could test the $182 support. The main support is near the $180 level, below which there is a risk of a sharp decline in the coming sessions.

On the upside, an initial resistance is near $187 plus the 23.6% Fib retracement level of the recent slide from the $195 swing high to $184 low. Moreover, there is a key bearish trend line forming with resistance at $187 on the hourly chart of ETH/USD. If there is an upside break above the trend line and $187, the price could test the 100 hourly simple moving average.

Additionally, the 50% Fib retracement level of the recent slide from the $195 swing high to $184 low is near the $190 level to act as a strong resistance. A convincing close above the $190 resistance and the 100 hourly SMA could push the price towards the $195 resistance.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is trading with a bearish angle below the $190 resistance level. Therefore, there are high chances of more downsides below the $184 and $182 support levels. Similarly, bitcoin price could struggle to recover above $10,250 and it might decline below $10,000.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently holding the 40 level, with a negative bias.

Major Support Level – $180

Major Resistance Level – $190

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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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