TRENDING:
Fed interest rate
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

Ethereum Price Analysis: ETH/USD is testing a wedge formation just above 130.00

  • Ethereum is trading just above flat on Tuesday after a bounce back from the weekend lows. 
  • There is now a wedge formation on the hourly chart that could help us determine the future direction.
Ethereum Price Analysis: ETH/USD is testing a wedge formation just above 130.00
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

ETH/USD 1-hour chart

Ethereum has struggled for direction on Tuesday after a bounce back from the weekend lows. Now the price has formed a wedge formation on the hourly chart and may break by the end of the US session. The 130.00 level seems to be intact after a few downside tests recently. If the level does break one of the main support levels is close to the 125.00 level and it seems to be slightly stronger.

Looking closer at the chart now, the MACD histogram seems to be trying to turn positive. The signal line is above the mid-point and there looks like there might be a positive crossover. The volume is looking pretty weak at the moment which is a concern if there is to be an upside break it would be nice to see some volume behind the move for confirmation. Then the next target up could be the top of the next consolidation zone at 144.16.

Ethereum Wedge Pattern

Additional levels

ETH/USD

Overview
Today last price133.07
Today Daily Change0.77
Today Daily Change %0.58
Today daily open132.3
 
Trends
Daily SMA20131.37
Daily SMA50198.53
Daily SMA100179.07
Daily SMA200175.44
 
Levels
Previous Daily High135.47
Previous Daily Low124.17
Previous Weekly High144.05
Previous Weekly Low119.36
Previous Monthly High288.7
Previous Monthly Low179.06
Daily Fibonacci 38.2%131.15
Daily Fibonacci 61.8%128.49
Daily Pivot Point S1125.83
Daily Pivot Point S2119.35
Daily Pivot Point S3114.53
Daily Pivot Point R1137.12
Daily Pivot Point R2141.94
Daily Pivot Point R3148.42

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

More from Rajan Dhall, MSTA
Share:

Editor's Picks

Ondo: Multiple trendline rejections, fading bullish momentum warn of a steeper correction

Ondo: Multiple trendline rejections, fading bullish momentum warn of a steeper correction

Ondo price hovers around $0.3700 on Wednesday, maintaining a broader corrective phase under the influence of a resistance trendline. Retail demand for ONDO remains firm, driven by the tokenization trend for traditional stocks and other Real World Assets.

Bitcoin Price Forecast: BTC steadies near $66,000 as markets await first Warsh-led Fed decision

Bitcoin Price Forecast: BTC steadies near $66,000 as markets await first Warsh-led Fed decision

Bitcoin steadies near $66,000 as investors await the Federal Reserve’s interest rate decision. Institutional demand shows slight improvement as spot Exchange Traded Funds recorded a mild inflow on Tuesday, after weeks of outflows.

Hyperliquid open interest surges 32% in week: Is $80 HYPE next?

Hyperliquid open interest surges 32% in week: Is $80 HYPE next?

Hyperliquid’s native token HYPE rallied 44% over five days, hitting a $76.90 all-time high on Tuesday. Despite the pullback to $73, open interest on HYPE futures reached the $3 billion mark, signaling growing institutional demand.
Meme Coins Price Prediction: DOGE near breakout, SHIB at ceiling and PEPE leads meme coin recovery

Meme Coins Price Prediction: DOGE near breakout, SHIB at ceiling and PEPE leads meme coin recovery

Meme coins are approaching a key technical level on Wednesday, which could determine the next directional bias. Dogecoin (DOGE) struggles to overcome a major resistance level, and Shiba Inu (SHIB) recovery lost momentum near a crucial barrier. Meanwhile, Pepe (PEPE) extends its rally for a sixth straight day, raising the prospects of further upside if momentum persists.
Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.
Ethereum Price Analysis: ETH/USD is testing a wedge formation just above 130.00