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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Ethereum Facing Significant Resistance Near 100 SMA, Can Bulls Make It?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum seems to be struggling near the key $120 resistance area against the US Dollar. ETH price must climb above the 100 hourly SMA to start a strong increase in the near term.

  • Ethereum is trading in a negative zone below the $120 resistance area against the US Dollar.
  • The bulls are active and they made a couple of attempts to surpass $120.
  • There was a break above a connecting bearish trend line with resistance near $116 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is trading with a strong buying interest above the $5,000 support area.

Ethereum Price is Facing Hurdles

After a decent upward move, Ethereum climbed above the $115 resistance against the US Dollar. ETH price even broke the $120 resistance, but it remained below the 100 hourly simple moving average.

It seems like the bulls made a couple of attempts to gain strength above $120 and the 100 hourly simple moving average, but they failed. Besides, there was a break above a connecting bearish trend line with resistance near $116 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The last swing high was near the $121 level and the price is currently trading lower. Ethereum is testing the 23.6% Fib retracement level of the upward move from the $100 low to $121 high.

On the upside, there is a strong resistance forming near the 100 hourly SMA and $120. If the bulls are successful in gaining strength above the $120 level, the price could start a strong increase. The next resistance is near the $125 level, above which the bulls are likely to aim $130.

Any further gains is likely to improve the market sentiment and the price may perhaps rise towards the $150 level.

Another Rejection?

On the downside, an initial support for Ethereum is near the $112 level. It is close to the 50% Fib retracement level of the upward move from the $100 low to $121 high.

The next support is near the $110 level, below which the price is likely to accelerate lower towards the $105 level. Any further losses are likely to lead the price back towards the $100 support zone in the near term.

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 currently sliding and it is close to the 50 level.

Major Support Level – $112

Major Resistance Level – $120

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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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