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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Could Surge To $200 In Near Term

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

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  • ETH price remains well supported on the downside near the $170 area against the US Dollar.
  • The price settled in a positive zone above the $165 and $169 resistance levels.
  • There is a major bearish trend line formed with resistance at $176 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could start a significant rally once there is a break above the $176 and $180 resistance levels.

Ethereum price gained traction from key supports versus the US Dollar and bitcoin. ETH is currently placed nicely above $170 and it could break $180 to climb sharply towards $200.

Ethereum Price Weekly Analysis

This past week, Ethereum price dipped further to test the $155 support area against the US Dollar. The ETH/USD pair traded close to the $155 support, which acted as a strong buy zone. The pair started a solid rebound above the $160 and $165 resistance levels. There was a break above the 50% Fib retracement level of the last decline from the $188 high to $155 low. Moreover, there was a close above the $162 pivot level and the 100 simple moving average (4-hours).

Finally, there was a break above the $169 and $170 resistance levels. It opened the doors for more gains and the price tested the $176-178 resistance area. The 61.8% Fib retracement level of the last decline from the $188 high to $155 low is also acting as a resistance. There is also a major bearish trend line formed with resistance at $176 on the 4-hours chart of ETH/USD. Therefore, the pair must break the $176 resistance area to climb further higher in the near term.

A successful close above the $176 and $180 resistance level may set the pace for more gains. The next resistance is at $188, above which the price could rally towards the $200 level. On the downside, the main support is near the $170 level. Below $170, the price is likely to decline further towards the $162 support and the 100 simple moving average (4-hours).

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum seems to be testing a significant resistance near the $176 level. If buyers successfully gain traction above $176, there are chances of more upsides above the $180 and $188 level. Conversely, there is a risk of a downside reaction below the $170 support level. However, there are many supports below $170 near the $162 level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is about to climb back in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently well above the 50 level, with a flat structure near 60.

Major Support Level – $170

Major Resistance Level – $176

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
How Our News is Made

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