Ethereum (ETH) Price Hits The $175 Target, $182 On The Horizon?

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.

ETH price extended gains and rallied towards the $175 resistance area against the US Dollar.
The price pumped sharply above the $169 and $170 resistance levels to test $174.
There is a solid bullish trend line formed with support at $168 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains well supported on the downside near $170 and it could continue to rise towards $180.

Ethereum price climbed higher above key levels versus the US Dollar, along with bitcoin. ETH remains well bid and it seems like buyers could push the price towards $180 and $182.

Ethereum Price Analysis

Yesterday, we saw a strong rebound in Ethereum price above the $162 and $165 resistance levels against the US Dollar. The ETH/USD pair even tested the $170 resistance level and settled above 100 hourly simple moving average. Finally, the price broke the $169 and $170 resistance levels to extend the rally towards the $175 level (as discussed in yesterday’s analysis). The price tested the $174 level and it is currently consolidating gains below $175.

An initial support is near $172 and the 23.6% Fib retracement level of the recent wave from the $164 swing low to $174 high. On the downside, there are many supports near the $170 and $169 levels (the previous resistances). There is also a solid bullish trend line formed with support at $168 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent wave from the $164 swing low to $174 high. Therefore, if the price corrects below $172, it is likely to find support near the $168 support area.

On the upside, an initial resistance is near the $175 level. Should Ether buyers push the price above the $175 resistance, there could be a strong move towards the $180 and $182 resistance levels. If buyers remain in action, there is even a chance of a run towards the $190 resistance area.

Looking at the chart, Ethereum price trading nicely above the $168, $169 and $170 support levels. As long as there is no close below $168, the price remains in a positive zone. Below $168, the next support is at $164 and the 100 hourly simple moving average. The overall price action is positive and the recent break above $170 suggests that bears are clearly struggling to push the price lower.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining strong momentum in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD jumped above the 60 level and it is currently near 75.

Major Support Level – $168

Major Resistance Level – $175

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.