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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Trading Near Make-or-Break Levels: Key Supports To Watch

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is still struggling to clear the main $200 resistance against the US Dollar. ETH could start a short term downside correction if it continues to struggle near $200.

  • Ethereum is currently trading in a range below the $200 and $202 resistance levels.
  • The price is showing a few bearish signs below the $200 pivot level.
  • There is a major bullish trend line forming with support near $194 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair could either rally above $200 or start a downside correction towards the $188 level.

Ethereum Price Facing Key Resistance

In the past few sessions, there were mostly bullish moves above the $190 level in Ethereum against the US Dollar. ETH price is forming a strong support base above $190, but it is also struggling to gain momentum above the $198-$200 resistance area.

Recently, there was a fresh upward move from the $192 swing low. The price climbed above the $196 level, but it failed to continue above the $198-$200 resistance area. A high is formed near $198 and the price is currently consolidating.

Ethereum is trading below the 23.6% Fib retracement level of the recent move from the $192 swing low to $198 high. On the downside, there is a strong support forming near the $194 and $195 levels.

More importantly, there is a major bullish trend line forming with support near $194 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent move from the $192 swing low to $198 high.

Ethereum Price
Ethereum Price

On the upside, Ether buyers are facing a crucial resistance near the $200 level. A successful daily close above the $200 level is needed for a sustained upward move. The next key resistance above $200 is near $212. Any further gains could lead the price towards the $220 and $225 levels.

Downside Correction?

Ethereum is clearly facing a major hurdle near the $200 level. If the bulls continue to struggle near the $200 level, there is a risk of a bearish reaction in the near term.

A downside break below the $194 support might lead the price towards the $190 level. The first key support is near the $188 level, below which it could test the $180 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still well above the 50 level.

Major Support Level – $194

Major Resistance Level – $200

Image from unsplash

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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

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