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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price (ETH) Targets Fresh Weekly Low, Bitcoin Down 2%

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum price ETH Analysis

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  • ETH price failed to climb above the $195 resistance and declined recently against the US Dollar.
  • The price is now trading below the $190 level and it seems like there could be more downsides.
  • There is a short term breakout pattern forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower below the $185 support and it may even break $180.

Ethereum price is back in a bearish zone below $190 versus the US Dollar, similar to bitcoin. ETH price is likely to continue lower as long as it is below $195.

Ethereum Price Analysis

Yesterday, we saw an upside correction in ETH and bitcoin above $192 and $10,200 respectively against the US Dollar. However, Ether struggled to gain momentum above the key $195 resistance level. As a result, there was a fresh bearish wave below the $192 and $190 support levels. Moreover, the price even settled below the $192 level and the 100 hourly simple moving average.

Ethereum price also broke the 50% Fib retracement level of the last wave from the $182 swing low to $196 swing high. During the decline, there was a break below a major bullish trend line with support at $190 on the hourly chart. The price is now trading well below the $190 level plus the 61.8% Fib retracement level of the last wave from the $182 swing low to $196 swing high.

Additionally, there is a short term breakout pattern forming with support near $186 on the same chart. If there is a downside break below the $186 and $185 supports, there could be more downsides. The next key support is near the $182 level, below which the price could revisit the $180 support. If there are additional losses, the price is likely to tumble towards the $170 support area.

On the upside, an initial resistance is near the $188 and $190 levels. Above $190, Ethereum price might climb towards the $195 resistance area. However, the main weekly hurdle for the bulls remain near $200, above which the price is likely to turn positive and move into an uptrend.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading with a negative bias and yesterday’s recovery failed near $195. Therefore, there are chances of more downsides below the $185 and $180 support levels. The next stop could be $170, where the bulls may take a stand.

ETH Technical Indicators

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

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

Major Support Level – $180

Major Resistance Level – $192

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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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