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Ethereum Price Analysis: ETH/USD’s Bounce Above $200 Looks Real

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
sleepwalking, technical analysis ethereum

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Key Highlights

  • ETH price declined further, traded towards the $197 support, and later recovered against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $201 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently placed nicely in a positive zone above the $200 support area.

Ethereum price is showing short term recovery signs against the US Dollar and bitcoin. ETH/USD could rise towards the $203 or $206 resistance levels.

Ethereum Price Analysis

There was a downside extension below the $200 support level in ETH price against the US Dollar. The ETH/USD pair declined below the $199 level and the 100 hourly simple moving average. There was a clear break below the 61.8% Fib retracement level of the last leg from the $195 swing low to $206 high. The price traded close to the $196-197 support area where buyers emerged.

As a result, there was a decent recovery and the price climbed above the $200 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $206 high to $197 low. Besides, there was a break above a key bearish trend line with resistance at $201 on the hourly chart of ETH/USD. The pair settled above the $200 level and it is currently consolidating near the 100 hourly simple moving average. On the upside, an immediate resistance is near $202. It represents the 50% Fib retracement level of the recent decline from the $206 high to $197 low.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price could recover above the $202 and $203 levels in the near term. However, it won’t be easy for buyers to clear the $205-206 zone. On the downside, the main supports are visible near the $200 and $197 levels.

Hourly MACD – The MACD is currently placed in the bullish zone.

Hourly RSI – The RSI is currently well above the 40 level.

Major Support Level – $200

Major Resistance Level – $206

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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.

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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

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