Ethereum Price Technical Analysis – ETH Consolidating Gains

Aayush Jindal

9 years ago

2 mins read

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Key Highlights

Ethereum price stayed in the bullish zone vs the US Dollar, and it looks like it is consolidating before the next move.
There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a resistance for an upside move.
A continuous failure to trade higher may call for a downside break in ETH in the short term.

Ethereum price is consolidating, and may be setting up for the next move. Will it move higher or break down vs the US dollar?

Ethereum Price – Watch For A Break

Ethereum price ETH attempted on a couple of occasions to break the $14.00 resistance area vs the US Dollar, but the bulls failed to push the price above the stated resistance area. The price looks like consolidating at the moment, and preparing for the next move. Let us try to analyze and see which way the price may head next in the short term.

On the upside, there is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a hurdle for the buyers. Moreover, the $14.00-20 levels prevented gains on many occasions. So, it looks like it won’t be easy for the ETH bulls to take the price higher before there is a minor correction.

On the downside, the price has a support in the form of the 100 hourly simple moving average. A break below it may ignite a minor correction in ETH/USD, and could push it towards the $13.00 support area. It is where the bulls may consider buying with a tight stop of a 1-2 points.

Hourly MACD – The MACD is almost flat, and pointing towards a consolidation phase.

Hourly RSI – The RSI is just above the 50 level, which is a positive sign for the bulls.

Intraday Support Level – $13.50

Intraday Resistance Level – $14.00

Charts courtesy of Kraken via Trading View

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.

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.

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