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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Smashes Another Hurdle: A Strong Case for Upside To $350

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum gained more than 4% and it surged above the $335 resistance against the US Dollar. ETH price traded to a new monthly high at $343 and it could rise further to $350.

  • Ethereum started a fresh increase above the $325 and $335 resistance levels.
  • The price traded to a new monthly high at $343 and it settled well above the 100 hourly simple moving average.
  • There was a break above a crucial contracting triangle with resistance near $320 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting gains, but it is likely to rise towards the $350 resistance.

Ethereum Price Gains Bullish Momentum

After a couple of swing moves and a downside correction, Ethereum found support above $315 against the US Dollar. A support base was formed above the $320 level and recently ETH price started a fresh increase.

Ether climbed above the $325 pivot level and the 100 hourly simple moving average to move into a positive zone. As a result, there was a sharp increase and the price climbed above the $330 and $335 resistance levels.

During the surge, there was a break above a crucial contracting triangle with resistance near $320 on the hourly chart of ETH/USD. The pair even broke the $340 level and traded to a new monthly high near $343. It is currently correcting lower and trading below $340.

Ethereum Price

Ethereum price trades above $242. Source: TradingView.com

There was a break below the $335 level, plus the 23.6% Fib retracement level of the recent surge from the $315 swing low to $343 high. However, the price is now trading near the $330 support area (the recent breakout zone).

The 50% Fib retracement level of the recent surge from the $315 swing low to $343 high is also near the $328 level to provide support. On the upside, ether price is facing a short-term resistance near $335. The main hurdle is now near $342, above which the price is likely to accelerate higher towards the $350 resistance.

Dips Supported in ETH?

If there is a downside extension, Ethereum price might find bids near the $325 level. A downside break below the $328 and $325 levels might start another extended decline.

The next major support is near the $318 level and the 100 hourly SMA, where the bulls are likely to take a strong stand in the near term.

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 well above the 55 level.

Major Support Level – $330

Major Resistance Level – $342

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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
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How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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