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

Ethereum (ETH) Price Smashes Resistance: Bulls Target $220 or Higher

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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  • ETH price broke the main hurdle near the $178 and $180 resistance levels against the US Dollar.
  • The price even broke the $200 resistance level before starting a downside correction.
  • There is a major bullish trend line in place with support near $178 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains well supported on dips and it could rally strongly above $200 and $210.

Ethereum price finally gained bullish momentum versus the US Dollar, along with bitcoin. ETH seems to be eyeing a larger upward move above the $200 resistance level.

Ethereum Price Weekly Analysis

This past week, Ethereum price struggled on many occasions to clear the $172 resistance against the US Dollar. However, the recent sharp rise in bitcoin price above the $7,000 level triggered an upside break. The ETH/USD pair broke the $172 and $178 resistance levels to move into a positive zone. The upward move was strong since the price even surged above the $190 level and settled well above the 100 simple moving average (4-hours). The bulls pushed the price above the $200 level and a new monthly high was formed near the $206 level.

Later, there was a sharp downside correction below the $200 and $190 levels. The price traded below the 50% Fib retracement level of the last wave from the $169 swing low to $206 high. There was a spike below the $188 level, but the $184 level acted as a support. ETH price tagged the 61.8% Fib retracement level of the last wave from the $169 swing low to $206 high, and recently bounced back. On the downside, there are many supports near $185, $180 and $178. There is also a major bullish trend line in place with support near $178 on the 4-hours chart of ETH/USD.

The pair is already recovering and it is trading above the $188 and $190 levels. An initial resistance is near the $195 level, above which the price could break the $200 level.  A daily close above the $200 level might start a larger upward move. The next key resistances for the bulls are near $210 and $220.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum is well supported above the $185 and $180 levels. There might be a few swing moves, but the price will most likely climb above $200. The main target for the bulls could be $220 or even $225 in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is now well above the 70 level and it could move further higher.

Major Support Level – $185

Major Resistance Level – $200

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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

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