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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Ethereum (ETH) Price In Corrective Increase But Facing Hurdles

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

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  • ETH price managed to recover above $172, but it failed to continue above $180 against the US Dollar.
  • The price is currently trading below the $170 support and it might retest the $165 or $162 support.
  • There is likely a flag pattern forming with resistance near $171 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could correct towards the $180 level in the coming sessions as long as above $162.

Ethereum price is trading in a broad range after this past week’s decline versus the US Dollar and bitcoin. ETH price might continue to face hurdles near $175 and $180.

Ethereum Price Analysis

This past week, we saw a strong decline in Ethereum below the $185 support against the US Dollar. ETH price even settled below the $175 level and the 100 hourly simple moving average. A new monthly low was formed near $152 before the price started trading in a range. The bears made two attempts to break the $152 and $150 support levels, but they failed to gain momentum.

Recently, there was an upside correction above the $160 and $165 levels. Moreover, the price climbed above the $172 resistance level. However, the price struggled to gain momentum above the $175 level and the 100 hourly SMA. A high was formed near $177 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent wave from the $152 low to $177 high.

However, the $165 level is acting as a decent support for Ethereum. Additionally, the 50% Fib retracement level of the recent wave from the $152 low to $177 high is acting as a support. More importantly, there is likely a flag pattern forming with resistance near $171 on the hourly chart of ETH/USD. On the upside, there are key resistances near $175, $177 and $180.

If there is an upside break above $180, the price could recover towards the $185 resistance area (the previous support). Conversely, a break below the $165 support might push the price further lower. The next key support is near the $162 level, below which the price could accelerate lower towards the $155 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing a few signs of a corrective increase above $170. However, the price must clear the $175 and $180 resistance levels to continue higher. Having said that, the main hurdle for the bulls is near the $185 level.

ETH Technical Indicators

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

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

Major Support Level – $162

Major Resistance Level – $175

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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
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