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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Revisits Key Support: Risk of Breakdown Looming

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

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  • ETH price struggled to climb above the $300 resistance level and declined against the US Dollar.
  • Bitcoin price broke the $10,000 support area, resulting in bearish moves in the market.
  • There was a break above a connecting bearish trend line with resistance near $289 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is struggling to recover and it might slide below the $278 and $275 support levels.

Ethereum price is facing a lot of hurdles versus the US Dollar and bitcoin. ETH price must break the $296 and $300 resistance levels to start a decent recovery.

Ethereum Price Analysis

Yesterday, there was a minor recovery in Ethereum price above the $290 level against the US Dollar. The ETH/USD pair made a couple of attempts to settle above the $300 handle. However, the bulls failed to gain momentum above $300 and $302. There was also no proper close above $302 and break above the 100 hourly simple moving average.

As a result, there was a fresh decline in Ethereum below the $290 support. Moreover, the price even broke the $280 support and traded close to the $275 support area. A swing low was formed near $278 and the price is currently correcting higher. It broke the $290 level and the 23.6% Fib retracement level of the last slide from the $232 high to $278 low. Moreover, there was a break above a connecting bearish trend line with resistance near $289 on the hourly chart of ETH/USD.

However, the price seems to be facing a lot of hurdles near $295-296. It is even struggling to hold gains above the broken trend line and $285. On the upside, the bulls are likely to struggle near $295, $296 and $300. Besides, the price must settle above the $302 level plus the 100 hourly SMA to move back in a positive zone. The 50% Fib retracement level of the last slide from the $232 high to $278 low is also near the $301 level.

If Ethereum price fails to climb above $300 and $302, there could be extended losses. An immediate support is near the $278 level, below which the price may even break the $275 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading in a bearish zone below the $300 resistance area. Therefore, there are high chances of a fresh decline below the $275 support area. The next major supports are near the $268 and $265 levels.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is struggling to gain traction in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still well below the 50 level.

Major Support Level – $275

Major Resistance Level – $300

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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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Strict editorial policy that focuses on accuracy, relevance, and impartiality
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