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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum (ETH) Price Resumes Upside: Can Bulls Break $280?

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

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  • ETH price started a solid upward move after testing the $258 support area against the US Dollar.
  • The price reversed most its losses, but it is still struggling to clear the $280 resistance area.
  • There is a new connecting bullish trend line forming with support near $262 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break the $280 barrier to start a fresh increase towards the $300 and $305 levels.

Ethereum price is showing positive signs after the recent reversal versus the US Dollar, but consolidating vs bitcoin. ETH price is once again trading near the key $280 resistance area.

Ethereum Price Analysis

Recently, there was a major downside correction in Ethereum price below the $270 and $265 supports against the US Dollar. The ETH/USD pair even spiked below the $260 support and the 100 hourly simple moving average. However, the $258 level acted as a strong support and protected losses. As a result, there was a sharp upward move above $260 and $265. The price reversed most its gains and broke the 61.8% Fib retracement level of the last decline from the $276 high to $258 low.

The price is currently trading well above the $265 level and the 100 hourly simple moving average. It even climbed above the 76.4% Fib retracement level of the last decline from the $276 high to $258 low. However, the $276 and $280 resistance levels are still acting as a solid barriers for the bulls. If there is an upside break above the $274 and $276 levels, the price could start a strong upward move. The next key resistances are near $280 and $288.

On the downside, an initial support is near the $268 level. There is also a new connecting bullish trend line forming with support near $262 on the hourly chart of ETH/USD. Therefore, if there is a downside correction, the price is likely to find bids near $265 or $262. If there are further losses, the price might revisit the $258 support area in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is back above key supports and trading in a range above the $265 support. Having said that, the bulls need to take control and push the price above $274, $276 and $280. If they continue to struggle, there is a risk of more losses below the $262 and $258 support levels in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone, with negative signs.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with positive signs.

Major Support Level – $262

Major Resistance Level – $276

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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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Created by industry experts and meticulously reviewed
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