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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH Facing Uphill Task Near $105 Resistance

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

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  • ETH price declined recently, tested the $100 support, and later recovered against the US Dollar.
  • There is a major bearish trend line formed with resistance near $105 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a strong resistance near $105 and the 100 hourly simple moving average.

Ethereum price started a short term correction against the US Dollar and bitcoin. ETH/USD is likely to fail near $105 or $107 and it will most likely resume its slide.

Ethereum Price Analysis

Yesterday, there was a major downside move below the $105 support in ETH price against the US Dollar. The ETH/USD pair declined sharply below the $105 level and traded towards the $100 level. The price even settled below the $105 level and the 100 hourly simple moving average. After testing the $100 support, the price started a short term upside correction. It traded above the 50% Fib retracement level of the recent decline from the $107 high to $100 low. However, the price faced a strong resistance near $105 and the 100 hourly simple moving average.

Additionally, the price failed to gain strength above the 61.8% Fib retracement level of the recent decline from the $107 high to $100 low. More importantly, there is a major bearish trend line formed with resistance near $105 on the hourly chart of ETH/USD. The pair is currently consolidating below the trend line, $105 and the 100 hourly SMA. To recover further, the price must break $105 and the 100 hourly SMA. The next crucial resistance is near the $107 level, which acted as a hurdle on many occasions in the past. On the other hand, if the price fails to move above $105, it could resume its decline.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly facing an uphill task near $105 and $107. Therefore, there is a risk of a fresh drop towards the $102 and $100 levels.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD moved back in the bullish zone.

Hourly RSI – The RSI for ETH/USD jumped above the 50 level, with a positive angle.

Major Support Level – $102

Major Resistance Level – $105

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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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