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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Price Analysis: ETH Trading Near Make-or-Break Levels

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

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  • ETH price is struggling to trade above the $133 and $134 resistance levels against the US Dollar.
  • The price is holding the $130 support, it is likely to make the next move soon.
  • This week’s crucial bearish trend line is intact with current resistance at $132 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either break the trend line and rally or decline below the $130 support in the near term.

Ethereum price is following a bearish structure against the US Dollar and bitcoin. However, if ETH breaks $132 and $134, there could be a decent bullish wave towards the $138 level.

Ethereum Price Analysis

After struggling to break the $134 resistance, ETH price declined steadily against the US Dollar. The ETH/USD pair traded below the $132 support and settled well below the 100 hourly simple moving average. It even broke the 50% Fib retracement level of the last swing wave from the $127 low to $134 high. The price traded close to the $130 support level, where buyers emerged. There was a minor upside correction above the $131 level and the 23.6% Fib retracement level of the recent decline from the $134 high to $130 low.

However, the upside move remains capped by the $132 level and the 100 hourly simple moving average. More importantly, this week’s crucial bearish trend line is intact with current resistance at $132 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $134 high to $130 low. Clearly, the $132-133 resistance area is very crucial and it could be spark the next move.

The next move in ETH could be either above the $132 and $133 resistance levels or below the $130 support. If there is an upside break above $133 and the 100 hourly SMA, the price could climb sharply higher. The next key resistances area near the $135 and $136 levels, followed by $138. On the other hand, a break below the $130 support may push the price towards the $127 support level.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be facing a strong resistance near the $132 level and the 100 hourly SMA. Besides, the $133 and $134 levels are also significant barriers. Therefore, buyers need to put up a strong fight if they have to push the price back in a positive zone.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD managed to move above the 50 level, with a positive bias and angle.

Major Support Level – $130

Major Resistance Level – $133

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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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