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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 Technical Analysis – ETH/USD To Break Higher 2017-05-25

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • It looks like ETH price is facing a major hurdle near $191.70 against the US Dollar, but may break it soon.
  • There is a solid bullish trend line with support at $182 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price about to break the $192 resistance for further gains towards/above $200.

Ethereum price is gaining momentum against the US Dollar and Bitcoin, and now ETH/USD may soon break higher and set a new high towards/above $200.

Ethereum Price Trend Line Support

Yesterday, there was a decline towards $180 level in ETH price against the US Dollar. The price moved below the 23.6% Fib retracement level of the last wave from the $150.74 low to $191.70 high. However, the downside move can be considered as a correction, as the price recovered from $182. There was a decent buying interest around the $180 support zone, which pushed the price back higher.

Earlier, there was a test of the 38.2% Fib retracement level of the last wave from the $150.74 low to $191.70 high. So, we can say that the price completed a correction near $182, and about to break higher. On the downside, there is a solid bullish trend line with support at $182 formed on the hourly chart of ETH/USD. It may continue to act as a support and prevent downsides below $180.

Ethereum Price Technical Analysis ETH USD

On the upside, a break above $191.00-191.50 is needed for further gains. The current candle is very bullish, and suggesting a break above $191.70 soon. A close may push the price towards $198-200, which is the next resistance. The overall trend is bullish and as long as the trend line and $180 are intact, the price may soon break higher above $192.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is now moving higher, and remains well above the 50 level.

Major Support Level – $180.00

Major Resistance Level – $192.00

 

Charts courtesy – SimpleFX

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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

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