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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum (ETH) Looks Poised To Resume Its Decline

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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  • ETH price corrected higher from the $152 low and traded above $165 against the US Dollar.
  • The price is currently struggling to break the $172 and $175 resistance levels.
  • Yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price remains at a risk of another drop below the $165 and $160 support levels in the near term.

Ethereum price is facing a strong resistance near $175 versus the US Dollar, while bitcoin is bleeding. ETH price is likely to resume its decline if it breaks $165 and $160.

Ethereum Price Analysis

Yesterday, we saw a nasty decline in bitcoin, Ethereum, ripple, and major other cryptocurrencies against the US Dollar. ETH price nosedived below the $185 support and traded close to the $150 level. Moreover, there was a close below the $180 level and the 100 hourly simple moving average. A swing low was formed near $152 and the price recently started an upside correction.

It recovered above the $160 and $165 levels. Additionally, there was a break above the 23.6% Fib retracement level of the last decline from the $211 high to $152 low. The price even traded above the $170 level. However, it struggled to clear the $175 level. It seems like yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD.

If the price breaks the trend line resistance and $175, there could be a decent recovery. The next key resistance is near the $182 level. It coincides with the 50% Fib retracement level of the last decline from the $211 high to $152 low. However, the main resistance for a trend change is near the $185 level. The stated $185 level has acted as a support and resistances on many occasions. Therefore, a close above $185 is needed for a strong recovery.

On the other hand, the price could resume its decline below $165. An immediate support is near the $160 level. If there is a downside break below the $160 level, the price could accelerate towards the $150 level in the coming sessions.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly facing a lot of hurdles on the upside near the $175 and $185 levels. As long as the price is trading below both $175 and $185, it remains at a risk of a fresh decline towards $150 or even lower.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is likely to move back into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently moving lower towards the 40 level.

Major Support Level – $160

Major Resistance Level – $175

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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

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