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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

A Critical Ethereum Breakout Is Looming, As Bears Start To Lose Control

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is consolidating above the $220 support area against the US Dollar. ETH price is likely start a major upward move above the $228 and $235 resistance levels.

  • Ethereum is forming a nice bullish formation above the $220 support area against the US Dollar.
  • The price is likely to start a major rally once it settles above $228 and $230.
  • There is a key bearish trend line forming with resistance near $228 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is likely setting up for a major upside break above the $9,000 resistance level.

Ethereum Price Could Surge Above $235

Yesterday, we saw a downside correction in Ethereum from the $235 resistance area against the US Dollar. ETH price broke a couple of key supports near $225 and the 100 hourly simple moving average.

However, the $220 support area acted as a strong buy zone. The price formed a crucial base above the $220 level and recently started a fresh increase. It is up around 1% and trading above the 23.6% Fib retracement level of the recent decline from the $235 high to $220 low.

On the upside, an initial resistance for Ethereum is near the $228 level. There is also a key bearish trend line forming with resistance near $228 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The 50% Fib retracement level of the recent decline from the $235 high to $220 low is also near the $228 level and it is currently protecting gains. Therefore, a successful break above the $228 resistance could open the doors for a key bullish break.

The next key resistance is near the $235 level. Any further gains could lead the price towards the $250 and $255 resistance levels.

More Range Moves?

If Ethereum fails to climb above the $228 resistance area, it could decline again. An initial support is near the $225 level and the 100 hourly simple moving average.

If there is a downside break below the 100 hourly simple moving average, the price may perhaps slide back towards the $220 support level. The bulls are likely to defend the $220 support level, but if they fail, there is a risk of a strong decline towards the $210 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

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

Major Support Level – $220

Major Resistance Level – $235

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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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