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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Eyeing Downside Thrust Before A Fresh Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is following a short term declining pattern from the $198 resistance against the US Dollar. ETH could spike towards the $188 or $185 support before it rallies above $200.

  • Ethereum is slowly moving lower after it failed to surpass the $198 and $200 resistance levels.
  • The price is currently trading near the $192 support and the 100 hourly simple moving average.
  • There is a key declining channel or a bullish flag forming with resistance near $195 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair could dip towards the $188 support or $185 before it starts a fresh increase.

Ethereum Price Correcting Gains

After a couple of failed attempts to clear the $198-$200 resistance area, Ethereum price started a downside correction against the US Dollar. ETH price seems to be following a declining pattern from the $198 resistance.

The last swing low was near $188 and the recent high was $195. The price is currently declining and testing the $192 level. The 50% Fib retracement level of the upward move from the $188 low to $195 is currently acting as a support.

The next key support is near the $190 level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $188 low to $195 is also near the $190 level to provide support.

If Ethereum fails to stay above the 100 hourly simple moving average, it could spike towards the $188 support. It seems like there is a key declining channel or a bullish flag forming with resistance near $195 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

Therefore, there are chances of a downside thrust towards the $188 support or the $185 pivot zone in the short term. If Ether fails to stay above the $185 support, there is a risk of a larger downside correction.

The next major support below $185 is near the $175 level, where the bulls are likely to take a strong stand in the coming sessions.

Uptrend Intact?

Ethereum is still following a nice uptrend unless it settles below the $185 support. On the upside, the bulls need to clear the $195 resistance level.

The main hurdle is near the $198 and $200 levels, above which the price could rally towards the $212 and $215 levels. Any further gains may perhaps call for a test of $225.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $185

Major Resistance Level – $198

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.

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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