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Ethereum Price Analysis: ETH/USD Extends Consolidation Near $200

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

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Key Highlights

  • ETH price failed to move above the $203 resistance and declined recently against the US Dollar.
  • There is a new bearish trend line formed with resistance at $201 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains supported on the downside near the $196 and $197 levels.

Ethereum price declined towards the range low against the US Dollar and bitcoin. ETH/USD could drop further towards the $197 support level.

Ethereum Price Analysis

Yesterday, we saw a nice upside move above the $200 level in ETH price against the US Dollar. The ETH/USD pair traded above the $202 level and the 100 hourly simple moving average. It even broke the 50% Fib retracement level of the last drop from the $207 swing high to $198 low. However, the price struggled to clear the $203 resistance zone, which acted as a solid barrier.

The price was also rejected near the 61.8% Fib retracement level of the last drop from the $207 swing high to $198 low. As a result, there was a fresh decline and the price moved below the $201 and $200 levels. There was a close below the $200 level and the 100 hourly SMA. It seems like the price may continue to move down towards the $197-198 zone. On the upside, there is a strong resistance formed near $201 and the 100 hourly SMA. There is also a new bearish trend line formed with resistance at $201 on the hourly chart of ETH/USD. As long as the price is below the $201 level, it could drop towards the $197 support area in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price failed to gain traction above $203, resulting in a fresh decline. Going forward, if the price fails to stay above $197, there may well be more losses towards $190.

Hourly MACD – The MACD is back in the bearish zone.

Hourly RSI – The RSI is currently well below the 40 level.

Major Support Level – $197

Major Resistance Level – $201

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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.

Read more

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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