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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Smashes $180 To Open Doors For $200: Key Levels To Watch

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

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Ethereum price surged more than 5% and broke the key $180 resistance area against the US Dollar. ETH traded as high as $187 and it is currently correcting gains.

  • Ethereum is showing a lot of positive signs and it recently climbed above $180 against the US Dollar.
  • The price remained well bid above the $170 support and the 100 hourly simple moving average.
  • There is a new bullish trend line forming with support near $182 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is still facing a strong resistance near the $9,500 level.

Ethereum Price Targets $200

Yesterday, we discussed the importance of the 100 hourly simple moving average and $170 for Ethereum against the US Dollar. ETH price remained well bid above the $170 support and the 100 hourly simple moving average.

As a result, there was a fresh increase above the $175 resistance area. Moreover, there was a break above a connecting bearish trend line with resistance at $174 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

Finally, the bulls pumped the price above the $178 and $180 resistance levels. Overall, Ethereum gained more than 5%, while bitcoin price is still facing a strong resistance near the $9,500 level.

A new yearly high was formed near $187 and ETH is currently correcting gains. It is testing the 23.6% Fib retracement level of the recent rally from the $170 swing low to $187 high.

On the upside, an initial resistance is near the $185 and $188 levels. A clear break above the $188 level could set the momentum for a test of the main $200 resistance area.

ETH Dips Supported

On the downside, there are many supports for Ethereum forming near the $178 and $180 levels. There is also a new bullish trend line forming with support near $182 on the same chart.

Furthermore, the 50% Fib retracement level of the recent rally from the $170 swing low to $187 high is also near the $178 level. Therefore, the price remains well supported on the downside near the $180 and $178 levels.

If the bulls fail to defend the $178 support level, there is a risk of a larger downside correction below $175. The main support for the current trend is now near the $170 level.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level, with a bearish angle.

Major Support Level – $178

Major Resistance Level – $188

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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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