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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price (ETH) Rally Could Face, Bitcoin Up 5%

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

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  • ETH price is currently correcting higher and is trading above the $190 level against the US Dollar.
  • The price is still trading well below the key $195 resistance area.
  • There was a break above a major declining channel with resistance near $192 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is struggling to continue above $192 and $194, and it might decline again.

Ethereum price is facing a lot of selling interest versus the US Dollar and bitcoin. ETH remains at a risk of a fresh decline despite recent gains in BTC.

Ethereum Price Analysis

In the weekly forecast, as we a few important resistance for ETH price near the $192 and $195 levels against the US Dollar. The price formed a decent support near $182 recently and started an upside correction. The bulls gained traction above the $190 resistance level and the 100 hourly simple moving average. Moreover, bitcoin price jumped 5% recently and surged to test the $10,500 resistance level.

Ethereum price also climbed above the 50% Fib retracement level of the recent drop from the $197 high to $182 low. It opened the doors for more gains above the $192 level. Moreover, there was a break above a major declining channel with resistance near $192 on the hourly chart of ETH/USD. The pair tested the $194-195 resistance area, where the bulls struggled.

It seems like the price faced resistance near the 76.4% Fib retracement level of the recent drop from the $197 high to $182 low. At the moment, the price is trimming gains and is trading near the $192 level. An immediate support is near the $190 level and 100 hourly simple moving average. If the price fails to stay above the $190 support, it could decline back towards the $185 level.

On the upside, the main hurdles are near the $194 and $195 levels. A successful run above the $195 level might set the pace for a move towards the $200 and $202 resistance levels. As long as the price is below the $195 and $200 resistance levels, there is a risk of a fresh decrease in the coming sessions.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is facing many hurdles on the upside such as $194, $195, $200 and $202. On the downside, the $190 level is an immediate support. However, the main support is at $180, below which the bulls might struggle to bounce back in the near term.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently placed nicely above the 50 level.

Major Support Level – $185

Major Resistance Level – $195

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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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