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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

This Scenario Will Trigger A Larger Ethereum Rally: Key Levels To Watch

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum gained momentum and broke the key $170 resistance and bitcoin rallied above $9,000. ETH price seems to be forming a larger trend and it could even clear $180.

  • There were decent bullish moves in Ethereum above the $165 and $170 levels against the US Dollar.
  • The price is up around 4% and it is likely to climb towards the $180 resistance.
  • There is a key bullish trend line forming with support near $170 on the hourly chart of ETH/USD (data feed via Kraken).
  • There could be a larger rally once the price clears the $180 resistance area.

Ethereum Price Gaining Bullish Momentum

In the past few sessions, there were bullish moves in both bitcoin and Ethereum above $170 and $9,000 respectively against the US Dollar. ETH price settled above the $165 resistance area and the 100 hourly simple moving average.

A new weekly high is formed near the $174 level and the price is currently trading with a bullish angle. Besides, there is a key bullish trend line forming with support near $170 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

If there is a clear break above the $174 area, the bulls are likely to aim the $178 and $180 resistance levels.

More importantly, a clear break above the $180 resistance level could set the pace for a larger rally. In the mentioned case, the price is likely to surge towards the $200 level.

Any further gains could lead the price towards the $220 pivot level in the coming days. An intermediate resistance is near the $215 level.

Dips Remain Supported

In the short term, there could be a minor correction in ETH from $174 or $178. An initial support is near the $172 level or the 23.6% Fib retracement level of the recent upward move from the $165 swing low to $174 high.

The first major support on the downside is near the $170 level (the recent hurdle for the bulls). It is now near the bullish trend line and the 50% Fib retracement level of the recent upward move from the $165 swing low to $174 high.

If Ethereum extends its decline below the $170 support level, it could start a downside extension towards the $165 support. The 100 hourly SMA is also near the $165 level to provide support in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $170

Major Resistance Level – $178

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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