Ethereum Stuck In A Key Range, Can It Break This Key Resistance?

Aayush Jindal

Last Updated: June 11, 2024 1:46 pm

2 mins read

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Ethereum is trading in a tight range above the $110 support area against the US Dollar. ETH price must break the $132 and $144 resistance levels to start a fresh increase.

Ethereum is currently consolidating below the key $144 resistance area against the US Dollar.
The price remains well supported on the downside near the lower end of the range at $110.
There is a major bearish trend line forming with resistance near $140 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is also consolidating above the $4,800 and $5,000 support levels.

Ethereum Price Setting Up For Next Break

In the past two days, Ethereum mostly traded in a range above the $100 handle against the US Dollar. ETH price seems to be forming a major range between the $110 and $140 levels.

The key swing low was near the $90 level before the price recovered towards the $145 level. It failed to continue above the $145 level and remained well below the 100 hourly simple moving average.

Recently, there was a minor downward move below the $135 level. Ethereum price settled below the 23.6% Fib retracement level of the recovery wave from the $90 low to $145 high.

On the downside, the $120 and $118 levels are acting as decent supports. Besides, the 50% Fib retracement level of the recovery wave from the $90 low to $145 high is also providing support.

On the upside, there are a few key hurdles forming near the $132 and $140 levels. There is also a major bearish trend line forming with resistance near $140 on the hourly chart of ETH/USD. The trend line resistance and $142 are close to the 100 hourly simple moving average.

Therefore, the price must surpass the $142 resistance level and the 100 hourly simple moving average to start a strong increase in the near term. The next major resistance is seen near the $155 and $160 levels.

Chances of More Losses

If Ethereum fails to recover above the $132 and $140 resistance levels, there is a risk of more losses. An initial support is near the $118 level.

The first major support is near the $110 level, below which the price could accelerate lower. The next key support is near the $102 and $100 levels, where the bulls might emerge.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently just below the 45 level, with a bearish angle.

Major Support Level – $118

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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