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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Could Narrowly Avoid Another Decline If It Closes Above $230

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ethereum is slowly recovering and trading above the $225 level against the US Dollar. ETH is likely to rise sharply if it clears the $228 and $230 resistance levels.

  • Ethereum is showing positive signs above the $224 and $225 support levels.
  • The price is still struggling to clear the $228 and $230 resistance levels.
  • There is a crucial ascending channel forming with support near $224 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either rally above $230 or it might decline below the channel support to start another decline.

Ethereum Price is Rising Steadily

In the past few sessions, Ethereum price started a steady rise above the $220 level against the US Dollar. ETH price managed to recover above the $225 resistance level and the 100 hourly simple moving average.

However, the price failed to gain momentum above the $228 and $230 resistance levels. A high is formed near $230 and ether is currently correcting lower. It traded below the $228 level and the 100 hourly SMA.

An immediate support could be $225 since it is close to the 50% Fib retracement level of the recent wave from the $221 low to $230 high. There is also a crucial ascending channel forming with support near $224 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum price trades below $230. Source: TradingView.com

The channel support is close to the 61.8% Fib retracement level of the recent wave from the $221 low to $230 high. On the upside, the price is clearly struggling to clear the $228 and $230 resistance levels.

If ether price settles above the $230 resistance level, there are high chances of a sustained upward move. The next major resistance is near the $235 level, above which it could revisit the $250 resistance.

Downside Break in ETH?

If Ethereum fails to clear the $228 and $230 resistance levels, it is likely to start a fresh drop. The channel support is near the $224 level, below which the price might gain traction below $222.

A downside break below the $222 and $220 support levels may perhaps open the doors for another decline towards the $215 level. The next key support is near the $205 level.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a positive bias.

Major Support Level – $224

Major Resistance Level – $230

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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