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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Highly Bullish Despite Setbacks; Here’s What Could Propel It To $200

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

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Ethereum is slowly rising from the $162 support area, similar to bitcoin from $8,500. ETH price could start a decent increase to $180 or $185 if it settles above $170.

  • Ether price is showing a few positive signs above the $162 and $165 support levels against the US Dollar.
  • Bitcoin price is currently attempting to gain traction above the $8,700-$8,750 resistance area.
  • Yesterday’s major bearish trend line is intact with resistance near $170 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must surpass the $170 resistance level to start another rally to $180 and $185.

Ethereum Remains In Uptrend

Yesterday, we discussed the importance of the $162 and $160 support levels for Ethereum against the US Dollar. ETH price remained well bid above the $162 level and slowly climbed above $168.

Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $179 high to $160 low. The price even surpassed the $168 resistance and the 100 hourly simple moving average.

Finally, it tested the key breakout resistance area near $170. More importantly, yesterday’s major bearish trend line is intact with resistance near $170 on the hourly chart of ETH/USD.

Price

Ethereum Price
Ethereum Price

The 50% Fib retracement level of the downward move from the $179 high to $160 low is also acting as a hurdle for the bulls. Therefore, a clear break above the trend line and a close above $170 is needed for more upsides in the near term

Once Ethereum settles above the $170 resistance, it could gain bullish momentum. The next key resistance is near the $180 level, above which it could surge towards the $185 resistance level. Any further upsides might lead the price towards $200.

Inverse Head And Shoulders Pattern Intact For ETH

Yesterday, we discussed a possible inverse head and shoulders pattern with support near the $162 area. ETH price remained well bid above the $162 support, which means the pattern is still intact.

To invalidate the pattern, Ethereum bears need to push the price below the $162 support. The next key support is near the $158 level. Any further losses below $158 might spark a strong downward move.

Overall, ETH remains in an uptrend and it could rise above $170 and $180 in the near term unless there is a break below $158.

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 correcting lower towards the 50 level.

Major Support Level – $162

Major Resistance Level – $170

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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