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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Key Factors Suggest Ether at Major Breakout Point: $240 Presents Challenge

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ether

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Ethereum’s Ether is recovering and trading above the $235 resistance against the US Dollar. ETH seems to be preparing for a crucial upside break above $238 and $240.

  • Ether is recovering from the $232 support and trading above $235.
  • The price is now approaching the main $238 and $240 resistance levels.
  • There is a major bearish trend line forming with resistance near $238 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong increase if it clears the $238 and $240 resistance levels.

Ether Price Approaching Next Break

After another rejection near $240, Ether price corrected lower against the US Dollar. ETH traded below the $236 support level, but it remained well bid above the $232 level.

A low was formed near $234 and the price recently corrected higher. It broke the $235 and $236 resistance levels. There was a break above the 50% Fib retracement level of the recent drop from the $240 swing high to $234 low.

The price is now trading above the $237 level and the 100 hourly simple moving average. However, it is now facing hurdles near the $238 level. There is also a major bearish trend line forming with resistance near $238 on the hourly chart of ETH/USD.

Ether Price

Ethereum's Ether testing $238. Source: TradingView.com

The 76.4% Fib retracement level of the recent drop from the $240 swing high to $234 low is also close to the $238 level. If the bulls gain strength above the trend line and $238, there are chances of a steady rise towards $240 and $242. Any further gains could open the doors for a strong rally towards the $250 and $252 levels.

Fresh Decline in ETH?

On the downside, there is a major support forming near the $236 level and the 100 hourly simple moving average. The next major support is near the $234 level and a connecting bullish trend line.

If Ether fails to stay above the $234-$235 support zone, there is a risk of a sharp decline. The next major support is near the weekly pivot level at $230, followed by $228.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining strength in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 50 level.

Major Support Level – $235

Major Resistance Level – $240

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.

Read more

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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