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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum Price Analysis: ETH/USD Eyeing Break Above $254

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price is placed nicely above the $240 support area with positive signs against the US Dollar.
  • There is a new contracting triangle forming with support near $240 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may well break the $247 and $250 resistance levels to trade to a new weekly high.

Ethereum price is consolidating gains against the US Dollar and bitcoin. ETH/USD could trade higher once there is a break above the $250-254 zone.

Ethereum Price Analysis

After trading above the $250 level, ETH price started a short-term consolidation against the US Dollar. The ETH/USD pair formed a high near $254 and corrected below the $240 level recently. There was a break below the $235 level as well, but the price found support near $232. Later, the price started a recovery and moved above the 50% Fib retracement level of the last decline from the $254 high to $232 low.

The upside move found resistance near the $247 and $250 levels. Buyers defended more gains and the price remained below $250. Moreover, buyers failed to push the price above the 61.8% Fib retracement level of the last decline from the $254 high to $232 low. At the moment, there is a new contracting triangle forming with support near $240 on the hourly chart of ETH/USD. The triangle is about to provide the next move either above $247 or below $240. Below $240, the price may perhaps retest the $232 low. On the other hand, a push above the $247 and $250 resistance could spark more gains.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price could accelerate higher once there is a break above $250. The next target for buyers may be $254, above which the price may trade towards the $265-270 zone in the near term.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $240

Major Resistance Level – $250

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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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