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

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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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.

Ethereum Price
Ethereum Price

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

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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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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

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