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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH/USD Breaks Key Resistance, $230 Next?

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

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Key Highlights

  • ETH price traded higher and broke the $215 and $220 resistance levels against the US Dollar.
  • Yesterday’s highlighted key breakout pattern was breached with resistance at $208 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded towards the $223 level and it remains well supported on dips near $216.

Ethereum price is climbing higher against the US Dollar and bitcoin. ETH/USD broke the important $215 resistance to move further into a bullish zone.

Ethereum Price Analysis

Recently, there was a minor downside correction from the $216 swing high in ETH price against the US Dollar. The ETH/USD pair traded lower and tested the $205-206 support area, which prevented declines. A base was formed and the price started a fresh upward move. There was a decent bounce and the price broke the $212 and $215 resistance level. The move was such that the price traded to a new weekly high above $220 and it is currently well above the 100 hourly simple moving average.

During the upside, yesterday’s highlighted key breakout pattern was breached with resistance at $208 on the hourly chart of ETH/USD. The price traded as high as $223 and it is currently retreating a few points. An initial support is the 23.6% Fib retracement level of the recent leg from the $206 low to $223 high. There is also a connecting bullish trend line in place with support at $216 on the same chart. If there is an extended correction, the price may test $214 or the 50% Fib retracement level of the recent leg from the $206 low to $223 high.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is trading with a lot of strength and it seems like dips near $216 or $215 remains well supported. On the upside, buyers could target the $230 level in the short term.

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

Hourly RSI – The RSI is now near the overbought levels.

Major Support Level – $215

Major Resistance Level – $230

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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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