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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Ethereum Price Technical Analysis – ETH/USD Targets Fresh Highs

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Price Technical Analysis ETH/USD

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Key Highlights

  • ETH price extended gains above $260 and traded to a new high at $263.73 against the US Dollar.
  • There is an ascending channel pattern forming with support at $255 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may soon break the $263.73 high and trade towards $268.10 in the near term.

Ethereum price gained further against the US Dollar and Bitcoin, and now ETH/USD is looking to extend gains above $263 towards $268-270.

Ethereum Price Bullish Extension

There was yet another spike in ETH price above $245 against the US Dollar. A new high was formed at $263.73, as the bullish trend remains intact. The price recently corrected lower, and moved towards the $245 level where it found support. Yesterday’s highlighted bullish trend line with support at $238 on the hourly chart is still intact. It can be considered as the current trend support near $240.245.

There is also an ascending channel pattern forming with support at $255 on the hourly chart of ETH/USD. It is currently pushing the price up, and holding losses below $245. There is already a break above the 61.8% Fib retracement level of the last decline from the $263 high to $245 low. So, there are chances of a break above the last swing high at $263.73 for a new all-time high.

Ethereum Price Technical Analysis ETH/USD

The next major resistance on the upside is at $268.10. It represents the 1.236 extension of the last decline from the $263 high to $245 low. As long as the channel and the trend line support at $240 is intact, ETH may break $263 towards $268. Above $268, the price could even challenge sellers at $275. The 100 hourly simple moving average is at $234 and moving nicely higher, which is a positive sign.

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

Hourly RSI – The RSI is near the 65 level, and showing positive signs.

Major Support Level – $240

Major Resistance Level – $268

 

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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Created by industry experts and meticulously reviewed
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