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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Ethereum Close Below $200 Would Make Case for Larger Decline

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is struggling to break the $205 and $210 resistance levels against the US Dollar. ETH price is currently declining and it remains at a risk of a larger decline below $200.

  • Ethereum is facing a strong resistance near the $204 and $205 levels.
  • The price might continue towards the $192 support if it fails to stay above $200.
  • There is a key contracting triangle forming with resistance near $204 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must climb above $205 and $210 to decrease chances of a larger decline in the near term.

Ethereum Price Could Extend Its Decline

Ethereum price found support near the $198 level after a sharp decline from the $210 resistance. ETH price started a short-term upside correction from $198 and managed to settle above $200.

There was a break above the 23.6% Fib retracement level of the downward move from the $210 high to $198 low. However, ether price seems to be facing a strong resistance near the $205 level and the 100 hourly simple moving average.

There is also a key contracting triangle forming with resistance near $204 on the hourly chart of ETH/USD. The triangle resistance is close to the 50% Fib retracement level of the downward move from the $210 high to $198 low.

Ethereum Price
Ethereum Price

A successful break above the triangle resistance and a follow up move above $205 is needed for a sustained upward move. The main resistance is now near the $210 level.

If the price climbs above the $210 resistance, it could decrease bearish pressure and increase chances of a decent rise towards the $220 and $225 levels in the near term.

Bearish Break

If Ethereum fails to recover above the $205 and $210 resistance levels, there might be a fresh decrease. An initial support is near the triangle lower trend line at $202.

The first key support is near the $200 level, below which the price is likely to continue lower towards $198 and $195. The main uptrend support is near the $192 level. If the bears push the price below the $192 support, it could spark a sharp decline towards the $180 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now declining and it is now well below the 50 level.

Major Support Level – $200

Major Resistance Level – $205

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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

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

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