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Ethereum Price Analysis: ETH Remains In Downtrend, Could Test $100

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price declined further and broke the $121 support area against the US Dollar.
  • There are two bearish trend lines formed with resistance near $121 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may correct higher in the short term, but it remains a sell near the $120 and $121 levels.

Ethereum price extended losses and declined below key supports against the US Dollar and bitcoin. ETH/USD may continue to move down and it could even test the $100 handle.

Ethereum Price Analysis

In the weekly analysis, we discussed the key $120 and $121 supports for ETH price against the US Dollar. The ETH/USD pair struggled to stay above the $121 support and later fell sharply. It broke the $121 and $120 support levels to test the next support at $114. A low was formed around the $113.45 level and the price is currently correcting higher. An initial hurdle is the 23.6% Fib retracement level of the recent decline from the $128 high to $113 low.

If there is a break above the $117 and $118 levels, the price may trade towards the $120-121 zone. The stated $120-121 zone was a support earlier and now it may prevent gains. More importantly, there are two bearish trend lines formed with resistance near $121 on the hourly chart of ETH/USD. Additionally, the 50% Fib retracement level of the recent decline from the $128 high to $113 low is at $121. Therefore, if the price corrects higher towards the $120 and $121 levels, it could find a strong selling interest. Above $121 and trend lines, the price could recover towards the 100 hourly simple moving average.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is under a lot of pressure below $121 and $128. If sellers remain in action, the price will most likely slide towards the $105 or $100 levels.

Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone, with lack of momentum.

Hourly RSI – The RSI for ETH/USD is currently recovering above the 30 level, but the overall bias is still bearish.

Major Support Level – $113

Major Resistance Level – $121

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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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