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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Price Bearish Signal: ETH Below 100 SMA Could Trigger Downside

Aayush Jindal
Aayush Jindal
2 years ago
2 mins read
Ethereum Price

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Ethereum is facing resistance above $1,220 against the US Dollar. ETH could start another decline if it fails to stay above $1,200 and the 100 hourly SMA.

  • Ethereum started an upside correction above the $1,180 resistance zone.
  • The price is now trading above $1,200 and the 100 hourly simple moving average.
  • There is a short-term contracting triangle with resistance near $1,220 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another upward move if there is a wave above the $1,220 resistance.

Ethereum Price Eyes Recovery

Ethereum price found support near the $1,150 zone and started a recovery wave. ETH was able to clear the $1,180 and $1,190 levels. The price even climbed above the $1,200 level and the 100 hourly simple moving average, similar to bitcoin.

A high was formed near $1,230 before the price started a consolidation phase. Ether price is now trading near the 23.6% Fib retracement level of the recent increase from the $1,150 swing low to $1,230 high.

The price is now trading above $1,200 and the 100 hourly simple moving average. There is also a short-term contracting triangle with resistance near $1,220 on the hourly chart of ETH/USD. The first major resistance is near the $1,220 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear upside break above the $1,220 resistance and then a move above the $1,230 level could initiate a decent increase. The next major resistance could be $1,260. If the bulls clear the $1,260 resistance, the price might rise towards $1,300. Any more gains might send the price towards the $1,350 resistance zone. An intermediate resistance could be near the $1,320 level.

Fresh Drop in ETH?

If ethereum fails to climb above the $1,220 resistance, it could start another bearish wave. An initial support on the downside is near the $1,200 level.

The next major support is near the $1,190 level or the 50% Fib retracement level of the recent increase from the $1,150 swing low to $1,230 high. A clear downside break below $1,190 might push the price lower towards the $1,150 support. Any more losses could lead the price towards the $1,100 support.

Technical Indicators

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

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

Major Support Level – $1,190

Major Resistance Level – $1,220

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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