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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Takes a Bit Hit But Another Lift-Off To $180 Is Likely

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ethereum

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Ethereum is currently correcting lower from the $176 monthly high against the US Dollar. ETH price remains well supported on the downside near the $162 and $158 levels.

  • Ethereum is correcting lower and trading below the $170 level against the US Dollar, similar to bitcoin.
  • The price is holding the main $162 and $158 support levels.
  • There is a key contracting triangle forming with resistance near $170 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally again towards $180 as long as there is no close below the $158 support.

Ethereum Price Remains in Uptrend

Yesterday, we saw a sharp rise in Ethereum above the $160 and $170 levels against the US Dollar. However, ETH price struggled to clear the $175 resistance and the 100-day simple moving average (as discussed in yesterday’s analysis).

A new monthly high is formed near the $176 level and the price recently corrected lower. It broke the $170 level to start the correction. There was a break below the 23.6% Fib retracement level of the upward move from the $140 swing low to $176 high.

On the downside, the $162 level is acting as a strong support and Ethereum is trading well above the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $170 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

If there is an upside break above the triangle resistance and $170, the price is likely to restart its rise. An immediate resistance is near the $175 level, above which the price could surge towards the $180 level. Any further gains could lead the price towards the $188 level.

Key Buy Zones

On the downside, Ethereum is likely to remain well supported above the $162 levels. The next major support is near the $158 level. It coincides with the 50% Fib retracement level of the upward move from the $140 swing low to $176 high.

The 100 hourly simple moving average is also near the $155 level to act as a strong support. If the price fails to stay above the $158 support and the 100 hourly SMA, it could extend its decline towards the $150 and $144 levels in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently declining and approaching the 50 level.

Major Support Level – $140

Major Resistance Level – $145

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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