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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum (ETH) Price Primed For More Upsides Unless It Breaks $120

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

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  • Ethereum is currently trading in a range below the $130 and $132 resistances against the US Dollar.
  • The price is likely to bounce back as long as it is trading above the $120 support.
  • There is a major bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD (data feed via Kraken).
  • ETH could spike towards the $120 support before it starts a real upward move.

Ethereum price is showing a few positive signs versus the US Dollar and bitcoin. ETH price remains well supported for a fresh increase unless it breaks $120.

Ethereum Price Analysis

Recently, Ethereum price found support near the $128 level and started an upside correction against the US Dollar. ETH price recovered above the $130 level and the 100 hourly simple moving average.

Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $138 high to $128 low. However, the price failed to clear the key $132 resistance area.

It seems like the price failed to clear the 50% Fib retracement level of the downward move from the $138 high to $128 low. It is currently declining and it is trading below $130 and the 100 hourly simple moving average.

Ethereum price might continue to slide unless there is a break above the $130 and $132 resistance levels. Besides, there is a major bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD.

A clear close above the $132 zone could open the doors for more gains in the near term. The next major hurdle is near the $135 level. It represents the 76.4% Fib retracement level of the downward move from the $138 high to $128 low.

Any further gains could start a real upward move above the $138 and $140 resistance levels. On the other hand, the price might continue to decline below the $128 support. The next support is near the $125 level, below which it may perhaps spike towards the $120 support.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading above a few key supports such as $128 and $125. There are even chances of a downside spike towards the $120 level. Having said that, the bulls are likely to aim a new yearly high above $135 in the near term unless there is a break below $120.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently well 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.

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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

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