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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum (ETH) Price In Corrective Decrease: Buying Dips Favored

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

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  • ETH price climbed to a new 2019 high above $200 before correcting lower against the US Dollar.
  • The price declined below the $195 and $190 support levels before the bulls appeared near $182.
  • There is a new connecting bullish trend line forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains supported on dips and it seems like it could bounce back above $194.

Ethereum price started a downside correction versus the US Dollar, similar to bitcoin. ETH price remains well supported on the downside near $185 and $180.

Ethereum Price Analysis

In the past three days, there was a steady rise in Ethereum price above $180 resistance against the US Dollar. The ETH/USD pair followed bitcoin and broke a few important resistances near $190 and $195. There was even a break above the $200 barrier. The price traded close to the $208 level and settled well above the 100 hourly simple moving average. Recently, it started a downside correction and declined below the $195 and $190 support levels. The price even spiked below the $185 support and traded close to $182.

However, the price is trading well above the $180 support and the 100 hourly SMA. It has already recovered above the 23.6% Fib retracement level of the recent drop from the $204 swing high to $182 swing low. An immediate resistance on the upside is near the $193-194 zone. Besides, the 50% Fib retracement level of the recent drop from the $204 swing high to $182 swing low is also near $193. A successful break above the $194 level might set the pace for a fresh rise towards the $200 resistance area.

On the downside, an immediate support is near the $186 level. There is also a new connecting bullish trend line forming with support near $186 on the hourly chart of ETH/USD. If there is a downside break below the trend line, the price may test the 100 hourly SMA or the main support near $178.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price seems to be correcting gains, but it remains well supported near $185 and $180. The key support is near the $178 level (the previous resistance). As long as the price is above the $178 support, it is likely bounce back. A fresh daily close above the $200 resistance is likely to trigger a strong rally in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently just below the 50 level, with a minor bearish angle.

Major Support Level – $180

Major Resistance Level – $194

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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
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

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