HomeAltcoin NewsEthereum Price Analysis: ETH Is At Major Crossroads

Ethereum Price Analysis: ETH Is At Major Crossroads

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  • Ethereum price is facing a significant resistance near $152 and $158 against the US Dollar.
  • ETH price is currently trading just above the $145 and $143 support levels.
  • There is a major contracting triangle forming with resistance near $151 on the 4-hours chart (data feed from Coinbase).
  • The price could start a strong upward move once it breaks $151 and $152.

Ethereum price is trading in a contracting range against the US Dollar. ETH/USD needs to gain strength above $152 to start a solid upward move in the coming days.

Ethereum Price Analysis

After a fresh decline, Ethereum price found support near the $143 level against the US Dollar. ETH traded as low as $143.21 and later corrected above the $150 level and the 55 simple moving average (4-hours).

Besides, there was a break above the 50% Fib retracement level of the downward move from the $158 swing high to $143 swing low. However, the price struggled to clear the $152 resistance area.

The bulls made two attempts to clear the $152 resistance area, but it failed to gain strength. Moreover, the price failed to settle above the 61.8% Fib retracement level of the downward move from the $158 swing high to $143 swing low.

At the outset, there is a major contracting triangle forming with resistance near $151 on the 4-hours chart. On the upside, Ethereum price seems to be facing a lot of hurdles near the $150, $151 and $152 levels.

If there is a clear break above the $152 resistance, the price could continue to rise towards the $158 level. The next major resistance is near the $162 zone.

An intermediate resistance is near the 76.4% Fib retracement level of the downward move from the $158 swing high to $143 swing low. On the downside, there are key supports near $145, $143 and $142.

Therefore, a daily close below the $142 support area might put a lot of pressure on the bulls. In the mentioned case, the price is likely to accelerate lower below $140 and $136. The next major support area is near the $132 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly facing a strong resistance near the $151 and $152 levels. In the short term, there could be ranging moves, but the price is likely to make the next big move either towards $165 or $132.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level, with a bearish angle.

Key Support Levels – $143, followed by the $138 zone.

Key Resistance Levels – $152 and $158.

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.

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