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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Trading Near Make-or-Break Levels: Can ETH Bulls Save The Day?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum surged to a new 2020 high at $187 and it is currently correcting lower against the US Dollar, similar to bitcoin. ETH price must stay above $178 to continue higher in the near term.

  • ETH price is currently correcting lower from the $187 yearly high against the US Dollar.
  • The price could decline heavily if it breaks the $178 and $175 support levels.
  • There is a crucial bullish trend line forming with support near $178 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could either surge again above $187 or it might extend its correction towards $170.

Ethereum Price Testing Important Support

This past week, Ethereum managed to outpace bitcoin, with strong gains above the $170 level against the US Dollar. ETH price even broke the $180 resistance and settled above the 100 simple moving average (4-hours).

It traded to a new 2020 high at $187 and recently started a downside correction. There was a break below the 23.6% Fib retracement level of the last upward move from the $170 swing low to $187 high.

Ethereum price is now trading near the $180 support area. Besides, there is a crucial bullish trend line forming with support near $178 on the 4-hours chart of ETH/USD.

Ethereum Price
Ethereum Price

More importantly, the 50% Fib retracement level of the last upward move from the $170 swing low to $187 high is also near the $178 level. Therefore, a downside break below the $178 support level might spark a strong decline in the short term.

The next main support is near the $175 level, below which there is a risk of a downside extension towards the $170 support and pivot area. The 100 simple moving average (4-hours) is also positioned near the $168-$170 support area.

ETH To $200?

If Ethereum bulls are able to protect the $178 support and the trend line, there are chances of a fresh increase. On the upside, an initial resistance is near the $184 level and a connecting bearish trend line on the same chart.

A successful break above the $184 barrier will most likely open the doors for a larger upward move in the coming sessions. An immediate resistance is near the $187-$188 area. A clear break above $188 is likely to lead the price towards the $200 handle in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

4 hours RSI – The RSI for ETH/USD is currently declining and approaching the 50 level.

Major Support Level – $178

Major Resistance Level – $188

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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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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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