Ethereum (ETH) Price Smashes Resistance: Bulls Eyeing $200?

Aayush Jindal

1 year ago

2 mins read

sleepwalking, technical analysis ethereum

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

ETH price rebounded nicely after testing the key $160 support area against the US Dollar.
The price climbed higher sharply and broke the $165, $168 and $170 resistance levels.
There was a break above a contracting triangle with resistance near $162 on the hourly chart of ETH/USD (data feed via Kraken).
The pair traded to a new weekly high near $180 and it remains well supported for more gains.

Ethereum price started a strong upward move versus the US Dollar and bitcoin. ETH is likely to remain in an uptrend and it could even target a break above the $185 and $192 resistances.

Ethereum Price Analysis

Yesterday, we saw a downside extension in Ethereum price below the $165 level against the US Dollar. The ETH/USD pair tested the key $160 support area, where the bulls defended more losses. As a result, there was a strong upward move and the price climbed back above the $162 and $165 resistance levels. There was a change in the trend, with a close above the $165 level and the 100 hourly simple moving average.

During the rise, there a break above a contracting triangle with resistance near $162 on the hourly chart of ETH/USD. The pair rallied above the $165, $168 and $170 resistance levels. It even cleared $175 and traded to a new weekly high near the $180 level. At the moment, the price is consolidating gains above the $175 level. An immediate support is near $175, and the 23.6% Fib retracement level of the recent wave from the $160 low to $180 high. If there is a downside extension, the price could test the key $169 support level.

The mentioned $169 level was a resistance recently and it may now provide support. The 50% Fib retracement level of the recent wave from the $160 low to $180 high is also near the $169 level. On the upside, the main resistance is near the $180-181 zone. A clear close above $180 may open the doors for a push above the $185 and $192 resistance levels.

Looking at the chart, Ethereum price clearly jumped sharply from the $160 support area. The current price action is positive and it seems like the price may continue to rise above the $180 resistance level. The bulls may even target the main $200 level in the coming days. On the downside, the recent barriers are likely to act as supports such as $175, $170 and $169.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently reducing its bullish slope, with positive signs.

Hourly RSI – The RSI for ETH/USD is currently well above the 70 level, with a strong bullish bias.

Major Support Level – $169

Major Resistance Level – $180

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.

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.