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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Bulls Eyeing Further Upsides, Bitcoin Facing Hurdles

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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  • Ethereum price is trading nicely above the $185 and $186 support levels against the US Dollar.
  • Bitcoin is holding the $9,200 support, but it is facing hurdles near the $9,400 level.
  • Yesterday’s highlighted key bullish trend line is active with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is showing positive signs and it is likely to accelerate higher towards the $195 and $200 levels.

Ethereum price is gaining pace above $186 versus the US Dollar, while bitcoin is facing hurdles. ETH price is likely to accelerate gains once it clears the $200 barrier.

Ethereum Price Analysis

After yesterday’s upward move, Ethereum corrected a few points below the $186 support against the US Dollar. ETH price corrected below the $185 level, but the 100 hourly simple moving average acted as a strong support.

A swing low was formed near $183 and the price recently started a fresh increase. The price gained pace and broke the $185 and $186 resistance levels. Moreover, there was a break above the $190 resistance.

A new weekly high was formed near $192 and Ethereum price again corrected below $190. Besides, there was a break below the 23.6% Fib retracement level of the recent move from the $183 swing low to $192 swing high.

However, the previous resistance near $188 is acting as a support. Additionally, the 50% Fib retracement level of the recent move from the $183 swing low to $192 swing high is also near the $188 level. Lastly, yesterday’s highlighted key bullish trend line is active with support near $186 on the hourly chart of ETH/USD.

At the moment, the price is climbing higher towards the $190 and $192 resistance levels. If there is a successful break above the $192 level, Ethereum is likely to accelerate towards the $195 and $200 resistance levels.

Conversely, if there is another dip, the price could find support near the $188 level. The main support is near the $186 and $185 levels, below which there is a risk of an extended decline towards the $180 support area.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading nicely above the $188 and $186 support levels. Therefore, as long as the price is above $186, there are high chances of upside continuation. The main resistances on the upsides are near $200, above which the price is likely to accelerate towards $220.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently above the 55 level, with a bullish angle.

Major Support Level – $185

Major Resistance Level – $192

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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.

Read more

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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