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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Ethereum Price Analysis: ETH/USD Bearish Below 100 SMA and $206

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

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Key Highlights

  • ETH price declined further and traded below the $205 and $200 support levels against the US Dollar.
  • There was a break below a major bullish trend line with support at $204 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently struggling below the $206 resistance and the 100 hourly simple moving average.

Ethereum price is back in a bearish zone against the US Dollar and bitcoin. ETH/USD may continue to move down towards the $196 and $190 supports.

Ethereum Price Analysis

Recently, ETH price struggled to gain momentum above the $206 and $208 levels against the US Dollar. The ETH/USD pair started a fresh downside move and traded below the $206 and $205 support levels. During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $189 low to $220 high. Besides, the price traded below the $200 support and the 100 hourly simple moving average.

More importantly, there was a break below a major bullish trend line with support at $204 on the hourly chart of ETH/USD. The pair tested the 76.4% Fib retracement level of the last wave from the $189 low to $220 high. It tested the $196-197 zone and recovered a few points. However, there are many hurdles on the upside near the $202 level and the 100 hourly SMA. If the price breaks the 100 hourly SMA, it could face sellers near the $205-206 zone. To move into a bullish zone, the price needs to climb above the $206 level in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is currently under a lot of pressure below $202 and the 100 hourly SMA. If there is a fresh decline, the price may break the $196 low to trade towards the $190 level.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently well below the 50 level.

Major Support Level – $196

Major Resistance Level – $206

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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