Ethereum Could Rally Significantly And Only 1 Thing is Holding it Back

Aayush Jindal

1 year ago

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum is showing positive signs and it broke the $205 resistance against the US Dollar. ETH price could rally significantly if there is a clear break above the $210 resistance.

Ethereum gained traction and managed to climb above the $205 level and the 100 hourly SMA.
The price is still struggling to clear the main $210 resistance zone.
There is a key bearish trend line forming with resistance near $209 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could either rally above $210 or it might start a fresh decrease towards $200.

Ethereum Price Approaching Key Resistance

Ethereum price started a decent increase from the $196 swing low. ETH price managed to gain traction and climbed above the $204 and $205 resistance levels.

There was also a close above the $205 level and the 100 hourly simple moving average. During the rise, there is a key bearish trend line forming with resistance near $209 on the hourly chart of ETH/USD.

However, the price is still struggling to clear the $210 resistance zone. A high is formed near $209 and the price is currently correcting lower. It is trading near the 23.6% Fib retracement level of the recent rise from the $196 swing low to $209 high.

The first key support on the downside is near the $205 level and the 100 hourly simple moving average. The next major support is seen near the $202 level. It is close to the 50% Fib retracement level of the recent rise from the $196 swing low to $209 high.

On the upside, the price is likely to continue higher if it clears the $210 resistance zone. The next major hurdle is seen near the $220 level, above which it could revisit $230.

Another Rejection?

If Ethereum continues to struggle near the $210 level, there are chances of another bearish push below $202. If there are more losses, there are chances of another drop towards the $198 and $196 support levels.

A successful close below the $198 support zone, the bears are likely to take control and they might aim a test of the $192 support zone in the coming sessions.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with a positive angle.

Major Support Level – $205

Major Resistance Level – $210

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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.
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.