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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price (ETH) Surging While Bitcoin Trading Sideways

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ethereum bitcoin

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  • ETH price broke the main $185 resistance and climbed above $190 against the US Dollar.
  • Bitcoin price is consolidating above the $10,300 support area, with positive signs.
  • There is a connecting bullish trend line forming with support near $188 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher and it might soon test the $200 resistance area in the near term.

Ethereum price is climbing above $190 versus the US Dollar and recovering vs bitcoin. ETH price is showing positive signs and it might continue to rise towards $200-$205.

Ethereum Price Analysis

In the past analysis, we discussed the chances of an upside break in ETH price above the $185 resistance against the US Dollar. The price did gain traction and broke the main $185 and $186 resistance levels. Moreover, there was a close above $185 and the 100 hourly simple moving average. It opened the doors for more gains above the $190 level. On the other hand, bitcoin price remained in a range above the $10,300 level.

Ethereum price even broke the $192 level and traded to a new weekly high at $195. The current price action indicates more gains above the $195 level. If there is a downside correction, an initial support is near the $193 level. It coincides with the 23.6% Fib retracement level of the recent upward move from the $187 swing low to $195 high.

However, the main support on the downside is near the $190 level. It represents the 50% Fib retracement level of the recent upward move from the $187 swing low to $195 high. Additionally, there is a connecting bullish trend line forming with support near $188 on the hourly chart of ETH/USD. Therefore, if there is a downside correction, the price is likely to find buyers near $190 or $188.

On the upside, a convincing break above the $195 level could open the doors for a push towards the $200 resistance level. However, the main resistance is near the $205 level (the previous support), above which the price could surge towards $220.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is trading with a strong bullish bias above the $190 level. If the price remains above the $190 level for a couple of sessions, there are high chances of a run towards the $200 and $205 levels. If not, the price may perhaps extend the correction towards $188 or $185.

ETH 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 currently climbing higher and it is well above the 70 level.

Major Support Level – $190

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.

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

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