Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance
Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance.
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Liao Xinchen: It is difficult for Ethereum (ETH) to recover its upward trend and may continue its downward trend
Recent Market Overview
Ethereum is working hard to restore resistance levels above $144 and $146, with prices facing a challenging task and potentially continuing to fall below $140.
On the hourly chart of ETH/USD, there is a key bearish trend line formed, with resistance level around $143.
There is still a possibility of another bearish wave of prices below the key support level of $140, and ETH prices may fall below the support level of $140 and continue to decline.
Ethereum Price Analysis
Recently, Ethereum retested the $140 support area against the US dollar. However, Ethereum bears failed to gain momentum below $140 and formed a wobbling low near $140.
The price has started an upward correction above the resistance level of $142, but the upward space is still limited. In addition, the price is difficult to clear the resistance level of $144 and the 100 hour moving average.
A high point was formed around $144, and prices began a new decline. Its trading price is below the level of $142. In addition, Ethereum prices are rebounding from a low of $50 to a high of $144, with a 50% Fibonacci pullback below the level.
Instant support is located near $141. In addition, the 61.8% Fibonacci pullback, which rose from a low of $140 to a high of $144, is also close to the level of $141.
The main support is still around $139- $140. If there is a downward break below the support level of $140 and an appropriate closing price, there may be another bearish trend in the following trading days.
From the perspective of upward resistance, there are multiple resistance starting from the level of $142 and the 100 hour SMA. On the hourly chart, a key bearish trend line is formed, with resistance levels around $143.
Therefore, there must be an upward break through the resistance levels of $142 and $144 to achieve a good price recovery. The next direct resistance is around $146, above which the price may continue to rebound towards the $152 resistance zone.
Ethereum Price
Ethereum Price142144ETH140135132
ETH technical indicators
The hourly MACD - ETH/USD MACD is slowly returning to the bearish zone.
The hourly RSI - ETH/USD RSI is decreasing and moving towards the 40 level.
Main support level - $140
Main resistance level - $144
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Liao Xinchen, Senior Foreign Exchange, Cryptocurrency, and Financial Market Strategy Analyst. Long term research on market strategy and technical analysis, with strong technical analysis capabilities, and renowned for its comprehensive and informative analysis of currency, commodities, Bitcoin, and Ethereum markets. Official Wechat: JIMY38468, official account: Liao Xinchen. Welcome to leave messages and exchange ideas for learning!
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