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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Trend Overwhelmingly Bullish: Here’s Why ETH Could Rally Past $300

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

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Ethereum jumped back above $260 and $270 against the US Dollar. ETH price is now consolidating above $275 and it could soon surpass the $288 resistance area.

  • Ethereum is back in a positive zone, with a strong bullish bias above $275 against the US Dollar.
  • The price is likely to accelerate gains towards the $300 level in the near term.
  • There is a short term contracting triangle forming with resistance near $284 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is up around 4% and it is now trading nicely above the $10,000 resistance area.

Ethereum Price Could Soon Test $300

Since the start of the month, we discussed the chances of Ethereum hitting the $300 level against the US Dollar. Recently, ETH price corrected sharply towards the $230 support and broke the 100 hourly simple moving average.

However, it remained well bid above $230 and started a strong rise. It is back above the $260 and $270 resistance levels. Moreover, it surpassed the $280 resistance and settled above the 100 hourly simple moving average.

It even spiked above $285, but failed to revisit the $288 resistance area. A swing high is formed near $286 and the price is currently consolidating gains. There was a break below the 23.6% Fib retracement level of the recent rise from the $259 low to $286 high.

More importantly, there is a short term contracting triangle forming with resistance near $284 on the hourly chart of ETH/USD. If Ethereum clears the triangle resistance, there are high chances of more gains above the $288 resistance area.

Ethereum Price
Ethereum Price

In the mentioned case, the price is likely to continue higher towards the $295 and $300 levels. Any further gains could lead the price towards the $308 level.

Dips Remain Attractive

If the price fails to continue above the $288 resistance, it may perhaps correct a few points. However, Ethereum is likely to remain well bid above the $275 and $270 levels.

An intermediate support is near the 50% Fib retracement level of the recent rise from the $259 low to $286 high. The main support on the downside is near the $266 level and the 100 hourly SMA, below which the bulls are likely to struggle in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 60 level.

Major Support Level – $272

Major Resistance Level – $288

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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