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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Rallies 10% But Can It Break $185?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum bitcoin

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  • ETH price is climbing higher and it recently broke the $175 and $180 resistances against the US Dollar.
  • The price is currently trading near a crucial resistance area at $185 and $186.
  • There was a break above a key bearish trend line with resistance near $175 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might correct a few points lower, but it is likely to climb higher towards $190 or $192.

Ethereum price is up close to 10% versus the US Dollar, and climbed nicely vs bitcoin. ETH price could soon attempt to surpass $185 and climb towards $192.

Ethereum Price Analysis

After forming a support base near $170, Ethereum started a decent rebound against the US Dollar. As a result, ETH price traded above the $175 and $180 resistance levels. Moreover, there was a close above the $180 level and the 100 hourly simple moving average. The price is currently up around 10% and it even tested the main $185 resistance, where the bears took a stand.

During the rise, there was a break above a key bearish trend line with resistance near $175 on the hourly chart of ETH/USD. The price is currently consolidating gains below the $185 resistance. An immediate support is near the $182 level. Moreover, the 23.6% Fib retracement level of the recent rise from the $167 low to $185 high is also near the $181 level.

If there is an extended decline or correction, the price could test the $178 and $175 support levels. The 50% Fib retracement level of the recent rise from the $167 low to $185 high is positioned near the $176 level to provide support in the near term. Any further losses might push the price back in a bearish zone towards the $170 support area.

On the upside, the main resistances are near the $185 and $186 level. The current price action suggests high chances of an upside break above the $185 resistance. In the mentioned case, the price could test the $190 and $192 resistance levels. The next key resistance area is near the $198 and $200 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is trading with a nice bullish bias above the $180 level. Having said that, the bulls need to gain strength above the $185 and $186 resistance levels to push the price into an uptrend. If not, there are chances of a fresh decline towards the $175 level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $180

Major Resistance Level – $185

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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
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