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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Lacks Momentum Above $200 But An Upsurge Seems Imminent

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is trading above the $192 and $195 support levels against the US Dollar. ETH price could start a strong surge if there is a clear break above the $205 resistance.

  • ETH price is trading just below a crucial resistance near the $205 level against the US Dollar.
  • It is now trading above $192 and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $202 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could start a significant rally if it breaks $202 and $205 in the near term.

Ethereum Price Eyeing Upside Break

This past week, Ethereum recovered nicely and climbed above the $188 pivot level against the US Dollar. ETH price even broke the $192 resistance zone and settled above the 100 simple moving average (4-hours) (similar to bitcoin).

The price was able to trade above the 50% Fib retracement level of the last key decline from the $215 high to $176 swing low. However, the price is facing a strong resistance zone near the $204 and $205 levels.

The previous breakdown zone near the $205 level is acting as a key hurdle for Ether. The 76.4% Fib retracement level of the last key decline from the $215 high to $176 swing low is also acting as a resistance at $206.

More importantly, there is a major bearish trend line forming with resistance near $202 on the 4-hours chart of ETH/USD. The pair is currently trading above $192 and the 100 simple moving average (4-hours).

Ethereum Price
Ethereum Price

To start a significant upward move, Ethereum must break the trend line, $205, and $206 levels. A successful break and close above $206 could open the doors for a larger rally in the near term.

The next major resistance is near the $215 level, above which the price might rise steadily towards the $220 and $230 resistance levels.

Downside Reaction

If Ethereum fails to continue above the $205 and $206 resistance levels, there are chances of a bearish reaction in the near term.

An initial support is near the $197 level and the 100 simple moving average (4-hours). The main support is near the $192 level, below which the price is likely to accelerate lower towards the $180 level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is struggling to gain momentum in the bullish zone.

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

Major Support Level – $192

Major Resistance Level – $206

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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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