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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Dips and Then Rips Higher, Bulls Still Aim $2K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price

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Ethereum price saw swing moves from the $1,800 support against the US Dollar. ETH is again rising and might aim for a retest of the $2,000 resistance.

  • Ethereum is showing a lot of strength above the $1,800 support zone.
  • The price is trading above $1,850 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally further if it clears the $1,925 resistance.

Ethereum Price Holds Ground

Ethereum’s price saw a couple of swing moves from the $1,800 support zone. First, ETH rallied above the $1,900 resistance. However, it faced a strong selling interest near $1,960 and reacted to the downside.

There was a sharp 10% drop below $1,900, similar to Bitcoin from $30,000. The price retested the main $1,800 support zone. A low is formed near $1,787 and the price is again rising. It is trading above $1,850 and the 100-hourly Simple Moving Average.

Ether is also trading above the 61.8% Fib retracement level of the recent drop from the $1,964 swing high to the $1,787 low. Immediate resistance is near the $1,920 zone. Besides, there is a connecting bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD.

The trend line is close to the 76.4% Fib retracement level of the recent drop from the $1,964 swing high to the $1,787 low. A close above the $1,925 level might spark more bullish moves.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price could rise toward the $1,960 resistance. Any more gains could send Ether toward the $2,000 resistance, above which the bulls might aim for a move toward $2,120.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,925 resistance, it could start another decline. Initial support on the downside is near the $1,880 level and the 100-hourly Simple Moving Average.

The next major support is near the $1,840 zone, below which ether price might revisit the $1,800 support zone. Any more losses may perhaps take the price toward $1,720 in the near term.

Technical Indicators

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

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

Major Support Level – $1,880

Major Resistance Level – $1,925

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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
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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