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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Near Crucial Juncture And Key Risks Warn Against Chasing ETH Higher

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is currently consolidating above the $210 level against the US Dollar. ETH price is still struggling to clear the $215 and $216 resistance levels.

  • Ethereum is facing an uphill task near the $215 and $216 resistance levels.
  • A strong support is forming above $208 and the 100 hourly simple moving average.
  • There is a key breakout pattern forming with resistance near $215 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair likely approaching a major break and it could either rally above $216 or decline sharply to $200.

Ethereum Price Consolidating Gains

Ethereum price remained in a tight range below the $216 resistance zone against the US Dollar. This week’s swing high was formed near $216 before ETH price started consolidating gains.

There was a minor decline below the $212 and $210 levels. The price even spiked below the 23.6% Fib retracement level of the upward move from the $191 low to $216 high.

However, the $208 zone acted as a strong support along with the 100 hourly simple moving average. It seems like there is a key breakout pattern forming with resistance near $215 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

To start a strong increase and a fresh rally, ether price must surpass the $215 and $216 resistance levels. A successful break above the $216 level and a follow through above $220 might open the doors for a larger wave towards the $230 and $240 levels in the near term.

Bearish Break?

If Ethereum fails to clear the $215 and $216 resistance levels, there could be a bearish reaction. An initial support on the downside is near the $208 level and the 100 hourly simple moving average.

The main uptrend support is near the $205 zone. It is close to the 50% Fib retracement level of the upward move from the $191 low to $216 high. If the price fails to stay above the $205 support zone, it may perhaps extend its decline towards the $200 level.

Any further losses could push the bears to gain traction and the price may perhaps decline towards the $192 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing signs of a strong bullish break.

Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a bullish angle.

Major Support Level – $208

Major Resistance Level – $216

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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.

Read more

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
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