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Ethereum Price Analysis: ETH Reaches Crucial Juncture, $200 Incoming?

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Ethereum Price Analysis: ETH Reaches Crucial Juncture, $200 Incoming?
By Aayush J- January 29, 2020
Ethereum Price Analysis
Ethereum price is rising and it recently broke the $169.50 and $175.50 resistance levels vs the US Dollar. ETH to USD traded as high as $178.29 and it is likely to continue higher.

Key Takeaways: ETH/USD
Ethereum price is trading in a nasty uptrend above the $169.50 support area against the US Dollar.
ETH/USD is following a crucial ascending channel and support near $173.80 on the 2-hours chart (data feed from Bitstamp).
Bitcoin price climbed towards $9,450 and it is currently correcting below $9,400.
Ethereum Price Analysis
After forming a support base near the $156.50 level, Ethereum price started a steady rise above the $164.50 resistance. ETH to USD even surpassed the $169.50 and $170.00 levels to move further into a bullish zone.

Ethereum Price Analysis

Looking at the 2-hours chart, Ethereum price settled nicely above the $173.50 level and the 50 simple moving average (2-hours, purple). It traded to a new yearly high at $178.29 and it is currently correcting lower.

There was a break below the 23.6% Fib retracement level of the latest wave from $169.58 to $178.29. However, the $173.50 area is acting as a nice support for the bulls.

Besides, the 50% Fib retracement level of the latest wave from $169.58 to $178.29 is protecting declines. More importantly, Ethereum price seems to be following a crucial ascending channel and support near $173.80 on the 2-hours chart.

If there is a downside break below the channel support, the price could continue to move down towards the $170.00 and $169.50 support levels. Any further losses may perhaps lead the price towards the $164.50 level.

Conversely, the price is likely to hold the channel support and climb back above the $176.50 and $178.00 levels. If Ethereum succeeds in clearing the $178.30 swing high, it could even surge above the $180.00 resistance.

The next resistance is seen near the $183.20 and $184.50 levels. Overall, ETH is trading with a positive bias and it is likely to continue higher above $180.00. Only a close below $164.50 might start a major downside correction in the near term.

Live Ethereum (ETH) Price:
1 ETH/USD =$175.92 change ~ 2.37%
Coin Market Cap

$19.26 Billion
24 Hour Volume

$2.57 Billion
24 Hour VWAP

$175
24 Hour Change

$ 4.0700
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Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

 
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