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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Rallies 20% But Fails To Surpass 100-day SMA

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ethereum

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Ethereum surged close to 20% and climbed above the $170 resistance against the US Dollar. However, ETH price is struggling to gain momentum above the 100-day simple moving average.

  • Ethereum is up close to 20% and it broke the $155 and $165 resistance levels against the US Dollar.
  • The price even tested the $175 resistance and the 100-day simple moving average.
  • There is a crucial bearish trend line forming with resistance near $182 on the daily chart of ETH/USD (data feed via Kraken).
  • The pair must climb above the $180 resistance and the 100-day SMA to move into a larger uptrend.

Ethereum Price Jumps Significantly

In the past few sessions, there was a sharp increase in Ethereum above the $150 resistance (as discussed yesterday) against the US Dollar. ETH price outpaced bitcoin and rallied close to 20% to trade above the $165 resistance.

During the rise, there was a clear break above the $155 resistance. The price even climbed above the 23.6% Fib retracement level of the last major decline from the $252 high to $90 swing low.

The price traded above the $170 level, but it seems like it is facing a strong resistance near the $175 level and the 100-day simple moving average. The 50% Fib retracement level of the last major decline from the $252 high to $90 swing low is also acting as a resistance.

More importantly, there is a crucial bearish trend line forming with resistance near $182 on the daily chart of ETH/USD. If Ethereum succeeds in clearing the $175 and $182 resistance levels, it could move into a medium term uptrend.

Ethereum Price
Ethereum Price

The next key resistance is near the $190 level, above which the bulls are likely to aim a test of the $200 barrier. Any further gains could lead the price towards the $220 level in the near term.

Rejection Near $175-$180?

If Ethereum fails to clear the $175 and $180 resistance levels, it could correct lower. An initial support on the downside is near the $160 level.

The first major support is now near the $150 level and a connecting bullish trend line on the same chart. A successful daily close below the $150 support level could start another decline. The next key support is seen near the $124 level.

Technical Indicators

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

Daily RSI – The RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $150

Major Resistance Level – $180

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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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