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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 Looks Ready For Another Leg Higher Over $175

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

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Ethereum is consolidating gains above the $170 and $165 support levels against the US Dollar. ETH price is likely setting up for another leg higher over the $175 resistance area.

  • Ethereum is showing a few positive signs above the $170 support level.
  • The price could gain bullish momentum once it clears the $175 resistance area.
  • There is a major contracting triangle forming with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either surge above the $175 barrier or it might correct towards the $162 support.

Ethereum Price Eyeing Upside Break

After retesting the $175 resistance, Ethereum corrected a few points against the US Dollar. ETH traded below the $170 level, but it remained stable above the $168 level.

It seems like the $165 level acted as a support and them price is still well above the 100 hourly simple moving average. The recent high is formed near $173 and the price is currently consolidating gains.

It corrected below the 23.6% Fib retracement level of the recent wave from the $165 swing low to $173 high. However, there is a strong support forming near the $170 level.

The 50% Fib retracement level of the recent wave from the $165 swing low to $173 high is also near the $170 level. At the outset, there is a major contracting triangle forming with resistance near $174 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

If Ethereum climbs above the triangle resistance, it could start another leg higher over $175. An immediate resistance is near the $180 level, above which the bulls are likely to aim a larger upward move towards the $195 and $200 resistance levels.

Dips Remain Supported

On the downside, an initial support for Ethereum is near the $170 level and the triangle lower trend line. A successful close below the triangle support may perhaps start a bearish wave below $168.

The next support is near the $165 level, below which the bears are likely to aim a test of the $162 support area. The 100 hourly simple moving average is also near the $162 level to act as a strong support in the near term. Any further losses could lead the price towards the $158 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.

Major Support Level – $165

Major Resistance Level – $175

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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

Ad discliamer

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