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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Highly Bullish And Primed To Surge Towards $220

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is trading in a bullish zone above the $195 level against the US Dollar. ETH will most likely clear the $200 resistance for a run towards the $220 level.

  • Ethereum is showing a lot of positive signs above the $195 support zone.
  • The price is currently attempting an upside break above the $200 resistance area.
  • There was a break above a major contracting triangle with resistance near $197 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could surge above the $200 barrier and test the next hurdle at $220.

Ethereum Price Likely to Rally Further

In the past few sessions, Ethereum price remained in a broad range above the $190 level against the US Dollar. ETH bears made a couple of attempts to push the price below the $190 and $188 support levels, but they failed.

The last swing low was formed near $188 before the price regained bullish momentum. It climbed back above the $190 level and the 100 hourly simple moving average. The bulls were able to clear the $195 hurdle for a trend reversal.

Moreover, there was a break above a major contracting triangle with resistance near $197 on the hourly chart of ETH/USD. The pair even surpassed the 76.4% Fib retracement level of the downward move from the $200 swing high to $188 low.

Ethereum Price
Ethereum Price

Ethereum is now trading near the $200 resistance and attempting an upside break. If the bulls gain strength, the price is likely to continue higher. An immediate resistance is near the $208 level since it is close to the 1.236 Fib extension level of the downward move from the $200 swing high to $188 low.

Any further gains above $208 could lead the price towards the next key resistance near the $220 level in the near term. An intermediate resistance for Ether may perhaps be $212.

Dips Supported

If Ethereum continues to struggle near the $200 resistance, there could be a downside correction. An initial support is near the $195 level and the triangle lower trend line.

The next major support is near the $193 level and the 100 hourly SMA. To start a substantial decline, the bears need a clear break below the $190 and $188 support levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining strength in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 55 level.

Major Support Level – $193

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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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

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