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Ethereum (ETH) Correcting Higher But Bears Remain In Control

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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  • Ethereum is currently correcting higher from the $172 support against the US Dollar.
  • Bitcoin price is also correcting higher, but it is likely to face resistance near $8,250.
  • There was a break above a declining channel with resistance near $175 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price is facing a lot of hurdles on the upside near $178 and $180.

Ethereum price is attempting an upside correction versus the US Dollar, similar to bitcoin. However, ETH bears remain in control as long as the price is below $185.

Ethereum Price Analysis

This week, we saw a major downside break in Ethereum below the $180 and $178 supports against the US Dollar. ETH price even settled below the $180 level and the 100 hourly simple moving average.

Finally, there was a break below the $175 support and the price tested the $172 area. A new monthly low was formed near $172 and the price is currently correcting higher. It surpassed the $175 resistance area.

Additionally, there was a break above the 23.6% Fib retracement level of the downward move from the $186 high to $172 low. More importantly, there was a break above a declining channel with resistance near $175 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $178 zone (the recent breakdown support area). The main resistance on the upside for Ethereum is near the $180 level and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the downward move from the $186 high to $172 low is also near the $180 area. Therefore, an upside break above the $180 resistance may perhaps decrease the current selling pressure.

To move into a positive zone and start a strong rise, the price must break the $185 resistance zone and both bearish trend lines. On the downside, the $175 level could provide support.

The key support is now near the recent low at $172. If there is a downside break below the $172 level, the price is likely to start another major decline towards the $166 and $160 levels in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is attempting an upside correction above the $175 level. Having said that, the bears are still in control as long as the price is trading below $178 and $180. On the downside, they might be looking for a break below the $170 zone.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently moving higher and is above the 50 level.

Major Support Level – $172

Major Resistance Level – $180

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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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