A Significant Trend is Forming For Ethereum and It Could Rally To $200

Aayush Jindal

5 years ago

2 mins read

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Ethereum is up close to 15% and it broke many hurdles against the US Dollar. ETH price settled above the $170 level and it is facing a key resistance near the $175 level.

Ethereum rallied more than 10% and broke many resistances near $165 and $170.
The bulls pushed the price towards the next key hurdle near $174-$175.
There was a break above a crucial bearish trend line with resistance near $158 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair is currently consolidating gains near $170 and it might correct in the short term.

Ethereum Price Rally Looks Real

As discussed on many occasions in the past few days, Ethereum remained well supported above the $145 area against the US Dollar. ETH price traded close to the $145 level and recently started a sharp rise.

There was a break above the $155 resistance level to start a major upward move. More importantly, there was a break above a crucial bearish trend line with resistance near $158 on the hourly chart of ETH/USD.

It opened the doors for a sharp rally above the $160 barrier and the 100 hourly simple moving average. Ethereum gained bullish momentum and surpassed the $170 resistance. It traded close to the $174-$175 resistance area and it is currently consolidating in a range.

It seems like there is a contracting triangle forming with support near the $168 level. If there is a downside break, the price might correct lower towards $166 or the 23.6% Fib retracement level of the recent upward move from the $146 swing low to $174 high.

Any further losses could lead the price towards the $163 support area (the recent breakout zone). It is also close to the 38.2% Fib retracement level of the recent upward move from the $146 swing low to $174 high.

More Upsides?

On the upside, there is a major resistance forming near the $174 and $175 levels. If Ethereum price clears the $175 resistance, there are chances of more upsides in the near term.

An immediate hurdle is near the $185 level, above which the bulls are likely to aim a test of the $192 resistance level. Any further gains might lead the price towards the $200 handle.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently reducing its bullish slope.

Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 75 level.

Major Support Level – $163

Major Resistance Level – $175

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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.

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.
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