Ethereum Price (ETH) Eyeing Upside Break, Bitcoin Up 2%

Aayush Jindal

1 year ago

2 mins read

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ETH price stayed above the key $175 support and recovered recently against the US Dollar.
Bitcoin price is trading nicely and it recently broke the key $10,250 resistance area.
This week’s followed major bearish trend line was breached with resistance near $178 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is trading above the $180 level and it seems like it could continue to rise towards $185.

Ethereum price is trading nicely above $175 versus the US Dollar, while bitcoin jumped above $10,300. ETH price could continue to rise as long as above $175.

Ethereum Price Analysis

Recently, there was a downside correction in ETH price below the $180 support against the US Dollar. However, the $175 level acted as a decent support and prevented further losses. Moreover, bitcoin price held the $10,000 support and it bounced back above $10,250 and $10,300. It helped altcoins in recovering and Ether climbed back above the $178 level.

Additionally, the price broke the $180 level and the 100 hourly simple moving average. During the rise, the price broke the 50% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. More importantly, this week’s followed major bearish trend line was breached with resistance near $178 on the hourly chart of ETH/USD.

The price is now trading near the 61.8% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. If there are more upsides, the price could break the $182 resistance level. The next resistance is near the $184 level plus the 76.4% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. However, the main resistance is near still near the $185 level.

A convincing close above the $185 resistance might set the pace for a strong rise in the near term. On the downside, an immediate support is near the $178 level. However, the main support is near the $175 level. If there is a bearish break below the $175 support, there could be more downsides in the coming sessions.

Looking at the chart, Ethereum price is showing a lot of positive signs above $175 and $178. Moreover, bitcoin is gaining pace, which could accelerate gains in Ether as well above $182. Overall, there are chances of more gains as long as there is no close below the $175 support area.

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 correcting lower and is moving towards the 50 level.

Major Support Level – $175

Major Resistance Level – $185

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.
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