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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Downside Thrust Possible Before 2020 Reversal

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum ETH Price

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  • Ethereum is slowly moving lower towards the $125 support area against the US Dollar.
  • The price is likely to extend losses as long as it is below the $132 resistance.
  • There is a key declining channel forming with resistance near $131 on the hourly chart of ETH/USD (data feed via Kraken).
  • ETH could decline in the near term before it starts a strong rally towards $150 and $175.

Ethereum price is correcting lower versus the US Dollar, while bitcoin is consolidating. ETH price must stay above $120 this week to start a fresh increase.

Ethereum Price Analysis

After forming a top near the $138 level, Ethereum price started a downside correction against the US Dollar. ETH price broke the $135 and $132 support levels to enter a short term bearish zone.

Moreover, there was a close below $132 and the 100 hourly simple moving average. Recently, there was a break below the $130 support and the price traded close to the $128 support.

A low is formed near $128 and the price is currently recovering. It is trading near the $130 level and the 100 hourly simple moving average. Besides, it is testing the 23.6% Fib retracement level of the downward move from the $138 high to $128 low.

On the upside, there are two key hurdles forming near $131 and $132. Additionally, there is a key declining channel forming with resistance near $131 on the hourly chart of ETH/USD.

The main hurdle for a trend change is near the $132 resistance. It is close to the 50% Fib retracement level of the downward move from the $138 high to $128 low.

Therefore, clear break above the $132 resistance might start a decent upward move towards the $135 and $138 levels. If the bulls gain momentum, Ethereum might rise steady towards the $150 resistance area.

On the other hand, there are chances of more downsides below the $128 support area. The next major support is near the $125 level, below which there is a risk of a sharp decline towards $120 or $115.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is slowly moving lower towards the $125 support area. The main support is near the $120 level, below which the price is likely to remain in a sustained downtrend in the coming days. Conversely, a clear break above $132 and $135 could start a strong rally.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently just below the 50 level.

Major Support Level – $125

Major Resistance Level – $132

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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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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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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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