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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 (ETH) Price Likely Setting Up For Next Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • Ethereum price is trading nicely above the $180 support area against the US Dollar.
  • Bitcoin price is down more than 2%, but it is trading well above the $9,000 support area.
  • There was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to gain pace and it could rally above the $188 and $190 resistance levels.

Ethereum price is showing positive signs above $180 versus the US Dollar, while bitcoin is correcting lower. ETH price is likely to start a fresh increase above $188.

Ethereum Price Analysis

Recently, there was a downside correction in Ethereum from the $200 resistance area. ETH price declined below the $190 and $185 levels. However, the $175 area provided support and the price remained well above the 100 hourly simple moving average.

A swing low was formed near $174 and the price started a fresh increase. It recovered above the $180 and $182 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the downside correction from the $199 high to $174 low.

At the outset, the price is trading well above the $182 level and the 100 hourly SMA. Besides, there was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD.

An immediate resistance is near the $186 and $188 levels. More importantly, the 61.8% Fib retracement level of the downside correction from the $199 high to $174 low is near the $190 level to stop the upward move.

Therefore, Ethereum must surpass the $188 and $190 resistance levels to continue higher in the near term. The next major resistance is near the $195 level, above which the price could revisit the $200 handle.

On the downside, there is a strong support forming near the $180 level and the 100 hourly SMA. If there is a bearish break below the $180 support, the price could decline towards the $175 support. Any further losses may perhaps lead the price towards the $170 pivot level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is showing a lot of positive signs above the $180 support area. A convincing close above the $188 and $190 resistance levels could set the pace for another rally towards the $200 area. If no, there is a risk of an extended downside correction towards the $170 zone.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is climbing higher and is well above the 50 level.

Major Support Level – $180

Major Resistance Level – $190

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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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