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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions
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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Ethereum Holding Key Uptrend Support And Poised To Rally Again

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum surged to a new monthly high at $227 before correcting lower against the US Dollar. ETH price is now testing the $205 support zone and it is likely to start a fresh rally.

  • Ethereum started a downside correction after a strong rally above $220.
  • The price is currently trading above the key uptrend supports at $205 and $200.
  • There is a short term contracting triangle forming with resistance near $210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to start a fresh increase above $210 as long as it is above $200.

Ethereum Price Correcting Gains

Yesterday, we saw a sharp rise in Ethereum above the $200 hurdle against the US Dollar. ETH surged more than 10% and even climbed above the $220 level and the 100 hourly simple moving average.

It traded to a new monthly high at $227 and recently started a downside correction, similar to bitcoin. There was a break below the $212 and $210 support levels.

Ether price even spiked below the $205 support, but it remained well bid above the $200 support and the 100 hourly simple moving average. It is currently trading above the 23.6% Fib retracement level of the recent decline from the $227 high to $203 swing low.

An initial resistance on the upside is near the $210 level. There is also a short term contracting triangle forming with resistance near $210 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

If there is an upside break above the triangle resistance, Ethereum could test the $215 resistance area. The 50% Fib retracement level of the recent decline from the $227 high to $203 swing low is also near $215.

A successful break above the $215 resistance area is must to start a fresh increase and rally above the $220 resistance area in the near term.

Key Uptrend Support

The main uptrend supports on the downside are near $205, $202 and the 100 hourly SMA. If Ethereum fails to stay above the $200 support zone, there is a risk of a larger decline.

In the mentioned bearish case below the $200 support, the price is likely to continue lower towards the $192 and $190 support levels in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently struggling to climb above the 50 level.

Major Support Level – $202

Major Resistance Level – $215

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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