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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Ethereum Price (ETH) Looks Set To Continue Higher

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

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  • ETH price is showing positive signs above the $180 pivot level against the US Dollar.
  • The price is likely to continue higher above the $184 and $185 resistance levels in the near term.
  • There is a key bullish trend line forming with support at $178 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could correct a few points, but it remains supported near $178 and $175 in the near term.

Ethereum price is gaining momentum above the $175 level versus the US Dollar, while bitcoin is consolidating. ETH price is likely to continue higher above $185.

Ethereum Price Analysis

In the past few sessions, ETH price remained well bid above the $170 support against the US Dollar. However, bitcoin price remained in a range above the $10,200 support area. Ethereum price is showing positive signs and is trading nicely above the key $175 support area. Moreover, there was a break above the $180 level and the 100 hourly simple moving average.

The last swing high was formed $186 and it is recently corrected lower. There was a break below the $182 support and the 50% Fib retracement level of the last wave from the $176 low to $186 high. Additionally, the price spiked below the $180 support level. However, the $178 level acted as a strong support. Besides, the 76.4% Fib retracement level of the last wave from the $176 low to $186 high acted as a support.

More importantly, there is a key bullish trend line forming with support at $178 on the hourly chart of ETH/USD. The trend line and $178 support could act as a strong buy zone. If there is a downside break below $178, the price could continue to move down towards the $175 level. The next key support is near the $173 level. It coincides with the 1.236 Fib extension level of the last wave from the $176 low to $186 high.

On the upside, there are many hurdles near the $184 and $185 levels. If there is an upside break above the $185 resistance, the price could accelerate higher. The next stop for the bulls could be near the $192 and $195 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is trading with a positive and it seems like the price could accelerate towards the $200 level in the coming sessions. Only a daily close below the $170 level might negate the current bullish bias.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is slowly rising towards the 60 and 65 levels.

Major Support Level – $175

Major Resistance Level – $185

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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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