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

Ethereum Seems Resilient Above $200: Here’s Strong Case For Rally To $250

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is trading nicely above the $192 and $200 support levels against the US Dollar. ETH price could start a strong rally if it clears the $210 and $215 resistance levels.

  • ETH price is showing positive signs above $200 pivot level against the US Dollar.
  • A strong support base is forming above $205 and the 100 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance near $210 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong rally if it breaks $210 and $215 in the near term.

Ethereum Price Eyeing Another Rally

This past week, Ethereum failed to clear the key $215 resistance area against the US Dollar. ETH price started a nasty decline and broke the key $202 and $200 support levels.

The price even spiked below the $195 level and the 100 simple moving average (4-hours). Ether tested a major support zone at $192, where the bulls took a strong stand.

A low is formed near $191 and the price started another upward move. It surpassed the $200 and $202 resistance levels. Besides, there was a break above the 50% Fib retracement level of the main drop from the $215 swing high to $191 swing low.

Ethereum is now trading above the $205 level and the 100 simple moving average (4-hours). It is facing a major resistance near the $210 level. There is also a crucial contracting triangle forming with resistance near $210 on the 4-hours chart of ETH/USD.

Ethereum Price
Ethereum Price

The triangle trend line coincides with the 76.4% Fib retracement level of the main drop from the $215 swing high to $191 swing low. If the bulls are able to clear the triangle resistance at $210, it could even surpass the main $215 resistance level.

A successful break above the $215 resistance zone may perhaps start a steady rise towards the $220 and $230 resistance levels. Any further gains might call for a test of the $250 resistance zone in the near term.

Bearish Break?

If Ethereum fails to continue above the $210 and $215 resistance levels, there are chances of anther drop in the near term. An initial support is near the $203 level and the 100 simple moving average (4-hours).

The main support is near the $200 level and the triangle support, below which the price is likely to accelerate lower towards the $192 support zone.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $200

Major Resistance Level – $210

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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

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