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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Corrects 5% But Here Is Why Uptrend Is Still Intact

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Holding Support

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Ethereum started a downside correction from the $148 resistance versus the US Dollar, similar to bitcoin from $8,450. However, ETH price is still in an uptrend unless there is a close below $135.

  • Ether price corrected lower after it failed to bounce from the $142 support against the US Dollar.
  • The price is currently finding support near the $138 level.
  • This week’s followed bullish trend line was breached with support near $142 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is still in an uptrend and likely to rise again unless the bears push it below $135.

Ethereum Price Holding Support

After a steady rise, Ethereum found resistance near the $148-$150 zone against the US Dollar. As a result, ETH price started a downside correction below the $145 and $142 support levels.

Besides, bitcoin is down more than 5% and it failed to stay above the $8,100 and $8,080 support levels. On the other hand, ripple price is still holding the $0.2050 and $0.2000 support levels.

During the recent slide, this week’s followed bullish trend line was breached with support near $142 on the hourly chart of ETH/USD. Ethereum price even declined below the $138 support and the 100 hourly simple moving average.

It is now slowly recovering and trading above the $140 level. An immediate resistance is near the $142 level. The 50% Fib retracement level of the recent decline from the $148 high to $137 low is also near $142 to protect gains.

The first key resistance is near the $145 level. Moreover, the 76.4% Fib retracement level of the recent decline from the $148 high to $137 low is also near $145.

Therefore, a clear break above the $145 resistance will most likely push Ethereum further higher above the $146 and $148 levels. The main target for the bulls is still above the $150 level.

Bearish Case for ETH

The main supports on the downside are near $135. If ETH price fails to stay above the $135 support area, there is a risk of a downside extension. The next key support is near the $128 zone.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading above a couple of important supports near $135. As long as the bulls protect $135, there are chances of a steady increase above the $142 and $145 levels in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 level, with a flat bias.

Major Support Level – $135

Major Resistance Level – $145

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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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