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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ethereum (ETH) Price Surging: Bulls Eyeing Fresh 2019 High

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Analysis Chart

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  • ETH price started a fresh increase after a sharp downside correction towards $225 against the US Dollar.
  • The price is currently gaining traction and it broke the $240 and $245 resistance levels.
  • There is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is surging higher and it seems like there could be more gains towards the $275 and $285 levels.

Ethereum price is once again gaining bullish momentum versus the US Dollar, similar to bitcoin. ETH is eyeing more gains and it seems like the price could revisit the $280 swing high.

Ethereum Price Weekly Analysis

This past week, Ethereum price gained a strong bullish momentum above the $250 resistance against the US Dollar. The ETH/USD pair rallied above the $260 and $270 resistance levels. The upward move was such that the price traded to a new 2019 high near $281. Later, there was a strong downside correction in both bitcoin and Ethereum. ETH price declined sharply below the $260 and $250 support levels. It traded close to the $225 level and stayed well above the 100 simple moving average (4-hours).

A swing low was formed recently near $223 and a new support base was formed. Moreover, there is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD. As a result, the pair climbed higher and broke the $240 resistance. There was a break above the 23.6%% Fib retracement level of the last decline from the $281 swing high to $223 low. It opened the doors for more gains above the $250 level. The price is now testing the 50% Fib retracement level of the last decline from the $281 swing high to $223 low.

A clear break above the $255 resistance is likely to set the pace for more gains. The next immediate resistance is near $258, above which the price will most likely retest the $281 swing high. The next important resistance is near the $288 and $292 levels. On the downside, the main support for the bulls are near $240 and $225.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum is placed nicely above the key supports near $240 and $225. Therefore, there are high chances of a strong upward move was above the $255 and $260 resistance levels. The next target for the bulls could be $300.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.

4 hours RSI – The RSI for ETH/USD is now well above the 50 level and it could climb towards 80.

Major Support Level – $225

Major Resistance Level – $280

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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.

Read more

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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