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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Recovery Won’t Be Easy Above $212 As Bulls Fail To Fight Back

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is currently consolidating losses above the $190 zone against the US Dollar. ETH price is facing many hurdles on the upside such as $208, $212, and the 100 hourly SMA.

  • Ethereum is not showing any major bullish signs above the $200 level against the US Dollar.
  • The price is likely to struggle near the key $208 and $212 resistance levels.
  • There is a short term contracting triangle forming with resistance near $205 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price attempted a recovery above $8,000, but it failed to gain momentum.

Ethereum Price Consolidating Losses

After trading as low as $188, Ethereum started a minor upside correction against the US Dollar. ETH price traded above the $190 and $195 levels, but it remained well below the 100 hourly simple moving average.

It seems like the price is consolidating losses above the $190 and $195 levels. On the upside, an initial resistance is seen near the $205 level. The 23.6% Fib retracement level of the key drop from the $252 high to $188 low is also near the $205 zone.

More importantly, there is a short term contracting triangle forming with resistance near $205 on the hourly chart of ETH/USD. The first key resistance on the upside is near the $208 level (the recent breakdown zone).

Ethereum Price
Ethereum Price

The next hurdle is near the $212 level since it coincides with the 100 hourly simple moving average. If Ethereum price manages to climb above the $208 and $212 resistance levels, it might start a decent recovery.

A successful break above the $212 resistance zone could lead the price towards the $220 resistance level in the near term. The 50% Fib retracement level of the key drop from the $252 high to $188 low is also near the $220 zone. Any further gains may perhaps push the price towards the $228 level.

Fresh Decline?

If Ethereum continues to face hurdles near the $205, $208 and $212 resistance levels, it is likely to resume its decline. A downside break below the triangle support and $195 might spark a fresh decline.

An initial support is near the $190 and $188 levels. The main support is still near $185, below which there is a risk of a sharp decline towards the $165 level in the coming days.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing no major bullish signal.

Hourly RSI – The RSI for ETH/USD is currently just below the 50 level, with a bearish angle.

Major Support Level – $195

Major Resistance Level – $212

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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.

Read more

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

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