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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ
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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

$300: Ethereum Bulls Aim Big After Recent 12% Surge To $250

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum ETH

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Ethereum price surged more than 12% and broke many hurdles near $230 and $240 against the US Dollar. ETH is likely to continue higher towards the $300 handle in the near term.

  • Ethereum declined below the $225 and $220 support levels against the US Dollar.
  • The key targets of $240 and $250 were achieved (as discussed in the weekly forecast).
  • There was a break above a major contracting triangle with resistance near $223 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is back above the $10,000 resistance and traded to a new 2020 high above $10,200.

Ethereum Price Starts Strong Increase

After a short term downside correction, Ethereum found support near the $218 area against the US Dollar. A support base was formed above $220 and recently ETH price started a fresh increase.

There was a sharp upward move above the $225 and $230 resistance levels. The bulls even push the price above the $230 swing high and the 100 hourly simple moving average.

During the rise, there was a break above a major contracting triangle with resistance near $223 on the hourly chart of ETH/USD. Ethereum cleared the $240 resistance and traded close to the $250 area.

Ethereum Price
Ethereum Price

A new 2020 high is formed near $248 and the price is currently correcting gains. An initial support is near the $242 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $218 low to $248 high.

On the upside, the $248 and $250 levels are initial hurdles for Ethereum bulls. If they push the price above the $250 barrier, it could set the pace for more upsides towards $265. The next major resistance above $265 is seen near the $300 level.

Dips Remain Supported

If there is a downside correction, the bulls are likely to remain active above the $230 level. The first key support is near the $235 and $233 levels.

Besides, the 50% Fib retracement level of the recent rally from the $218 low to $248 high is at $233. Any further losses may perhaps lead Ethereum price towards the $225 support area and the 100 hourly SMA.

Overall, the bulls remain in control above $230 and $240. Therefore, if the price surges above the $250 level, the bulls are likely to aim a test of the $300 mark in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now strongly in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower from the overbought zone.

Major Support Level – $233

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.

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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