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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Holding Ground Above Key Supports But Facing Uphill Task

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is still holding the key $240 support zone against the US Dollar. ETH price is also facing an uphill task near the $248 and $250 resistance levels.

  • Ethereum is consolidating in a range above the $240 support and the 100 hourly simple moving average.
  • The price must gain strength above the $248 and $250 resistance levels.
  • There is a short term bullish trend line forming with support near $243 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to rise further as long as it is above the $240 support zone and the 100 hourly SMA.

Ethereum Price Could Rise Further

Ethereum price remained in a tight range below the main $250 resistance zone. ETH made an attempt to rise further, but it struggled to gain strength above the $248 level.

The recent high was near $248 before the price started declining. It broke the $244 level, plus the 50% Fib retracement level of the wave from the $241 low to $248 high.

However, there are many supports on the downside starting with $242. There is also a short term bullish trend line forming with support near $242 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the wave from the $241 low to $248 high.

Ethereum Price
Ethereum Price

If ether price breaks the trend line support, there is a decent support waiting near the $242 level and the 100 hourly simple moving average. On the upside, there is a major hurdle forming near the $248 and $250 levels.

If there is a successful close above the $250 resistance, the price could start a strong increase. The next major hurdle could be near the $260 and $262 levels.

Bearish Move in ETH

The breakdown support seems to be forming near the $240 level and the 100 hourly simple moving average. If Ethereum fails to stay above the $240 support, there is a risk of a sharp downside extension.

The next key support is seen near the $232 level. Any further losses may spark a major decline towards the $220 support zone in the coming days.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.

Major Support Level – $240

Major Resistance Level – $250

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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