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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Breaking This Single Level Will Spark a Parabolic Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is gaining bullish momentum above $185 against the US Dollar. ETH is following bitcoin and it is likely to start a parabolic rally if it clears the $200 resistance.

  • Ethereum is trading in a strong uptrend above the $182 and $178 support levels.
  • The price is likely to surpass the $195 and $200 resistance levels in the near term.
  • There is a key bullish trend line forming with support near $184 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The bulls are likely to aim a larger rally towards $250 if there is a daily close above $200.

Ethereum Price Gaining Bullish Momentum

Yesterday, we discussed the chances of a larger rally in Ethereum above $180 against the US Dollar. ETH price corrected a few points, but it remained well supported above the $175 support area.

The price followed a bullish path above the $180 level and the 100 hourly simple moving average. It surpassed the $188 resistance area and traded to a new weekly high near $193.

Recently, there was a downside correction below the $188 and $185 levels. Ethereum declined below the 50% Fib retracement level of the upward move from the $176 swing low to $193 high. However, the decline found support near the $182 level.

The 61.8% Fib retracement level of the upward move from the $176 swing low to $193 high also acted as a support. It seems like there is a key bullish trend line forming with support near $184 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The pair is currently rising and trading with a bullish angle above the $185 level. On the upside, an initial hurdles are $188 and $190. A clear break above the $190 level might open the doors for a push towards the $195 level.

The main hurdle is still near the $200 handle, above which the bulls are likely to aim a larger rally towards the $225, $240 and $250 levels in the coming days.

Bearish Rejection?

Ethereum is clearly trading in a bullish trend above $182 and $180. If it fails to clear the $195 and $200 resistance levels, there are chances of a bearish reaction.

The main support on the downside is near the $175 level and the 100 hourly SMA, below which the price might decline towards the $165 support zone.

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 now well above the 50 level.

Major Support Level – $180

Major Resistance Level – $195

Image from unsplash

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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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