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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price (ETH) Testing Crucial Support While Bitcoin Holding Gains

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

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  • ETH price failed to settle above $180 and started a fresh decrease against the US Dollar.
  • The price is currently trading near the $174 support and it could bounce back in the near term.
  • There was a break below a major bullish trend line with support at $177 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is still holding the $10,500 support area and it could climb higher in the near term.

Ethereum price is struggling to hold gains versus the US Dollar, while bitcoin is trading nicely. ETH price is under pressure and it could either rise again or break below $172.

Ethereum Price Analysis

Yesterday, there were further gains in bitcoin above $10,500 against the US Dollar. However, Ethereum and ripple struggled to continue higher above $182 and $0.2650 respectively. As a result, ETH price declined below the $180 level and started a downside correction. The price also declined below the $178 support level and the 100 hourly simple moving average.

Moreover, the price declined below the 23.6% Fib retracement level of the last major upward move from the $166 swing low to $183 swing high. There was also a break below a major bullish trend line with support at $177 on the hourly chart of ETH/USD. The pair is now trading near the $174 support. Additionally, the 50% Fib retracement level of the last major upward move from the $166 swing low to $183 swing high is acting as a support.

If there are more downside, the price might test the $172 support area in the coming sessions. It coincides with the 61.8% Fib retracement level of the last major upward move from the $166 swing low to $183 swing high. On the upside, there is a key resistance forming near the $176 level and the 100 hourly SMA. However, the main resistance for the bulls is still near the $180 and $182 levels.

The current price action suggests a downside spike towards the $172 support level before the price attempts an upward move. Conversely, the price might continue to move down and it could even break the $170 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is struggling to continue higher and is currently trading near the key $174 support area. If the price fails to hold the $174 or $172 support, it could decline further. Otherwise, it may revisit the main $180-$182 resistance area.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently near the 40 level, with a flat structure.

Major Support Level – $172

Major Resistance Level – $180-$182

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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