HomeAltcoin NewsEthereum Price Analysis: ETH Corrects But More Upsides Likely

Ethereum Price Analysis: ETH Corrects But More Upsides Likely

-

  • Ethereum price rallied towards the $148 level and later corrected lower against the US Dollar.
  • ETH declined below the $140 and $138 support levels during the recent decline.
  • There is a crucial bullish trend line in place with support at $133 on the 4-hours chart (data feed from Coinbase).
  • The price is currently under pressure, but it is likely to bounce back as long as it is above $132.

Ethereum price is currently correcting recent gains against the US Dollar. ETH remains nicely supported on dips near the $133 and $132 support levels in the near term.

Ethereum Price Analysis

This past week, Ethereum price started a strong upward move from the $128 swing low against the US Dollar. The ETH/USD pair broke the $134 and $135 resistance levels to move into a positive zone. There was also a close above the $136 level and the 55 simple moving average (4-hours). The price gained traction above the $139-140 resistance area and climbed above the $145 level. A new monthly high was formed near $147 before the price started a downside correction.

It declined below the $142 and $140 support level. There was a break below the 50% Fib retracement level of the last wave from the $128 low to $147 high. However, there are many supports on the downside near the $136 and $133 levels. The price is currently consolidating above $136 and the 61.8% Fib retracement level of the last wave from the $128 low to $147 high. There is also a crucial bullish trend line in place with support at $133 on the 4-hours chart.

The trend line support near $133 is importance since it coincides with the 55 simple moving average (4-hours). If there is a downside break below $133 and $132, the price could move into a bearish zone. The next key support is near the $128 swing low. On the upside, the price must settle above the $139-140 resistance zone to gain bullish momentum. The next main resistances are $144 and $147.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price clearly corrected most of its recent gains and traded below the $140 support. However, there are many key supports on the downside above $132. Therefore, there are high chances of a fresh upward move in ETH as long as it is trading above the $132 support. If buyers fail to hold $132, the price could slide towards $128 or $125.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently flat in the bearish zone, with a few positive signs.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently flat near the 50 level.

Key Support Levels – $136, followed by the $133 zone.

Key Resistance Levels – $140 and $144.

FOLLOW US

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Upcoming Events

Most Popular