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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Trims Gains – These Factors Could Trigger Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum price started a downside correction and traded below $2,000. ETH must stay above $1,920 to start a fresh increase in the near term.

  • Ethereum is correcting gains and testing the $1,920 support zone.
  • The price is trading below $2,000 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $2,000 resistance zone in the near term.

Ethereum Price Holds Key Support

After struggling to clear the $2,120 resistance, Ethereum price started a downside correction like Bitcoin. ETH traded below the $2,050 and $2,000 support levels.

However, the bulls were active above the $1,920 support zone. A low was formed near $1,933 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent drop from the $2,118 swing high to the $1,933 low.

Ethereum is now trading below $2,000 and the 100-hourly Simple Moving Average. Immediate resistance is near the $2,000 zone. There is also a key bearish trend line forming with resistance near $2,000 on the hourly chart of ETH/USD.

The next major resistance sits at $2,025 or the 100-hourly Simple Moving Average or the 50% Fib retracement level of the recent drop from the $2,118 swing high to the $1,933 low. A close above the trend line and $2,025 could start a decent increase.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance is near $2,075, above which the price could aim for a move toward the $2,120 barrier. Any more gains could start a wave toward the $2,250 level.

More Losses in ETH?

If Ethereum fails to clear the $2,000 resistance and the trend line, it could start a fresh decline. Initial support on the downside is near the $1,950 level.

The next key support is $1,920. A downside break below the $1,920 support might start a sharp decline. In the stated case, Ether could drop toward the $1,850 support zone in the near term. Any more losses might call for a drop toward the $1,800 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,920

Major Resistance Level – $2,025

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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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