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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Ethereum Price Technical Analysis – ETH/USD Holding Key Support

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • There was a recovery initiated in ETH price above $125 against the US Dollar, which is a positive sign.
  • There is a bearish trend line with resistance at $164 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • On the downside, there is a key support formed around the $138-140 levels.

Ethereum price recovered well against the US Dollar and Bitcoin, and now ETH/USD is placed well above a major support area at $138-140.

Ethereum Price Trend Line Resistance

It was a roller coaster ride for ETH price against the US Dollar, as it dipped towards $100 and then recovered sharply. After a harsh downside move at $98.35, the price started a recovery. It moved above the 23.6% Fib retracement level of the last decline from the $203.45 high to $98.35 low to initiate a bounce back. The best past was ETH moving above the $138-140 resistance.

The stated $140 zone is a major pivot area, and a close above it is very positive. The price has also moved above the 50% Fib retracement level of the last decline from the $203.45 high to $98.35 low. At the moment, there is a bearish trend line with resistance at $164 formed on the hourly chart of ETH/USD. It is acting as a hurdle around $165. Moreover, the 100 hourly simple moving average is also at $164.

Ethereum Price Technical Analysis ETH USD

We need a close above the 100 hourly simple moving average or $165 for further gains in the near term. The next hurdle on the upside could be at $178. It coincides with the 76.4% Fib retracement level of the last decline from the $203.45 high to $98.35 low. On the downside, the most important buy area is near $138-140, which holds the key going forward.

Hourly MACD – The MACD is currently flat, and waiting for the next move.

Hourly RSI – The RSI is now above the 50 level.

Major Support Level – $138.00

Major Resistance Level – $165.00

 

Charts courtesy – SimpleFX

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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