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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ethereum Topside Bias Vulnerable Unless ETH Surges Past $240

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum seems to be consolidating above the $232 and $230 support levels against the US Dollar. ETH price must break the $238 and $240 resistance levels to start a fresh increase.

  • Ethereum is currently stuck in a range and trading near the 100 hourly simple moving average.
  • The price must stay above the $232 and $230 support levels to avoid a bearish reaction.
  • There is a major ascending channel forming with support near $232 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to start a strong increase if there is a clear break above the main $238 resistance.

Ethereum Price is Facing Hurdles

After trading as low as $218, Ethereum price started a fresh increase against the US Dollar. ETH broke the $220 and $225 levels to start a decent recovery. The bulls pushed the price above the $230 level, but they faced sellers near $236.

A high is formed near $236 and the price is currently consolidating gains. It corrected below the 23.6% Fib retracement level of the recent wave from the $218 low to $236 high. It seems like ether is currently stuck in a range and trading near the 100 hourly simple moving average.

There is also a major ascending channel forming with support near $232 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent wave from the $218 low to $236 high is also just below the channel support.

Ethereum Price
Ethereum Price Chart. Source: TradingView.com

The first hurdle on the upside is near the $236 level, but the main hurdle for the bulls is still near the $238 level. To move into a positive zone and start a fresh increase, the bulls need to clear the $238 and $240 resistance levels. In the mentioned case, the price could easily rise towards the $250 and $255 levels.

Another Drop in ETH?

Ethereum is still facing a major hurdle near the $238 zone. If the bulls fail to clear the $238 resistance, there are chances of a fresh decline in the near term.

The main supports are near the $232 and $230 levels, below which the price could start a major decline towards the $220 level. An intermediate support might be near $225 or $224.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with a bullish angle.

Major Support Level – $230

Major Resistance Level – $238

Take advantage of the trading opportunities with Plus500

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

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