Ethereum Price Weekly Analysis: ETH Preparing For Larger Breakout

Aayush Jindal

1 year ago

2 mins read

sleepwalking, technical analysis ethereum

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ETH price continues to face a strong resistance just below the $140 level against the US Dollar.
The price dipped sharply recently, but it recovered above the $134 support level.
There is a key bullish trend line forming with support at $132 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair remains supported on dips and it could still break the $140 resistance area in the near term.

Ethereum price is facing many hurdles versus the US Dollar and Bitcoin. ETH/USD’s recent decline was brought back and it seems like buyers could be preparing for a larger rally.

Ethereum Price Analysis

This past week, there were mostly swing moves within a range below the $140 resistance in ETH price against the US Dollar. The ETH/USD pair made many attempts to clear the $140 resistance area, but it failed to gain pace. Recently, there was a sharp bearish reaction below the $134 support level. The price declined heavily and broke the $132 support along with the 100 simple moving average (4-hours). However, the price found a strong support near the $130 level and later bounced back sharply.

It climbed above the $134 support and the 100 simple moving average (4-hours). It even traded above the $136 level, but sellers protected the $138 level. The price is currently ranging below the $138 and $140 resistance levels. It broke the 23.6% Fib retracement level of the last wave from the $130 low to $138 high. However, there are many supports near the $134 level and the 100 simple moving average (4-hours).

There is also a key bullish trend line forming with support at $132 on the 4-hours chart of ETH/USD. The 50% Fib retracement level of the last wave from the $130 low to $138 high is also near the $134 level to act as a solid support. Therefore, there are many supports near the $134 and $132 levels. On the upside, the price has to clear the $138 and $140 resistance levels to climb further higher.

The above chart indicates that ETH price is placed nicely above the $132 and $134 supports levels. Having said that, a break above the $140 barrier won’t be easy. If buyers remain in action for a long time, they could sight a larger rally above the $140 resistance. In the mentioned case, the price may surge above the $145 and $150 resistance levels in the coming days.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is about to move back in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently flat, but it is placed nicely above the 50 level.

Major Support Level – $132

Major Resistance Level – $140

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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