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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Smashes Resistance, $200 Now In Sight

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

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  • ETH price surged higher and broke the key $185 resistance against the US Dollar.
  • The price is currently correcting lower after setting a new monthly high near the $196 level.
  • There is a short term breakout pattern forming with support near $191 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower towards $190 or even $185 before a fresh increase in the near term.

Ethereum price is showing a lot of positive signs versus the US Dollar and bitcoin. ETH price is now trading nicely above $185 and it could soon test $200.

Ethereum Price Analysis

After a minor downside correction, Ethereum started a fresh increase from the $175 support against the US Dollar. ETH price surged above the $180 and $185 resistance levels. Moreover, there was a close above the $185 resistance and the 100 hourly simple moving average. The upward move was such that the price even surpassed the $190 level and traded to a new monthly high near $196.

At the moment, the price is consolidating gains below the $195 level. It is trading near the 23.6% Fib retracement level of the recent rally from the $181 low to $196 high. Moreover, there is a short term breakout pattern forming with support near $191 on the hourly chart of ETH/USD. If there is a downside break below the $191 and $190 levels, the price could extend its correction.

The next key support is near the $188 level. It coincides with the 50% Fib retracement level of the recent rally from the $181 low to $196 high. If the price fails to stay above $188, it could test the $185 support area (the previous resistance area). Additionally, yesterday’s highlighted bullish trend line with current support near the $186 level is intact and it is likely to provide support.

On the upside, an immediate resistance is near the $195 level. A convincing break above the $195 level may perhaps push the price towards the next important resistance near $200, above which the price could even test $205.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading in an uptrend above the $185 support area. In the short term, there could be a downside correction towards $190 or $185. Overall, the price remains well supported and it is likely to continue higher above the $195 resistance. The next stop for the bulls might be $200 or $205.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently reducing its bullish slope.

Hourly RSI – The RSI for ETH/USD is currently well above the 60 level, with a lot of positive signs.

Major Support Level – $190

Major Resistance Level – $195

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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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