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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Trading Near Crucial Juncture And 100 SMA Holds The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is trading in a tight range above the $240 support against the US Dollar. ETH price likely to accelerate higher above the $245 and $250 resistance levels in the near term.

  • Ethereum is trading above a major support and pivot area at $240.
  • The price is likely to surge if it clears the $245 resistance and the $250 barrier.
  • There is a major contracting triangle forming with resistance near $244 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either rally above the $245 level or it might start a strong decrease below $240.

Ethereum Price Approaching Crucial Break

After testing the $230 support zone, Ethereum price started a fresh increase. ETH settled nicely above the $240 level and the 100 hourly simple moving average.

The recent high was formed near $246 before the price declined below $242. However, dips were protected and the price seems to be trading in a tight range above the $240 support.

It recovered above the 50% Fib retracement level of the recent decline from the $246 high to $239 low. On the upside, there is a major resistance forming near the $244 and $245 levels. There is also a major contracting triangle forming with resistance near $244 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The 76.4% Fib retracement level of the recent decline from the $246 high to $239 low is also acting as a resistance. If ether price breaks the triangle resistance and $245, it could start a strong increase.

An initial barrier is near the $250 level, above which the bulls are likely to aim a steady rise above the $255 and $260 levels in the near term.

Bearish Break in ETH?

If Ethereum fails to break the triangle resistance, it could start a fresh decline below the $242 support. The main support is now near the $240 level and the 100 hourly simple moving average.

A successful daily close below the $240 support zone could open the doors for a larger decline. In the stated case, the price might accelerate lower towards the $230 and $225 levels in the coming sessions.

Technical Indicators

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

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

Major Support Level – $240

Major Resistance Level – $245

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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
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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