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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Rallies 10%, But The Bulls Still Need To Clear This Hurdle

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a strong recovery wave above the $350 resistance against the US Dollar. ETH price is up over 10%, but it must still break the $370 resistance for upside continuation.

  • Ethereum gaining traction above the $340 and $350 resistance levels.
  • The price is now well above the 100 hourly simple moving average, but it is facing hurdles near $370.
  • There was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must surpass the $370 resistance for upside continuation in the near term.

Ethereum Price Rally Reaches Inflection Zone

After forming a support base above $330, Ethereum started a strong recovery wave. ETH price broke the $340 and $350 resistance levels to move into a positive zone.

There was a close above the $350 resistance and the 100 hourly simple moving average. The upward move gained pace after there was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD.

The pair traded above the 50% Fib retracement level of the downward move from the $401 high to $310 swing low. Ether price is now testing another major resistance near the $370 level (the last breakdown zone).

Ethereum

Ethereum price trades above $360. Source: TradingView.com

The next key resistance is near the $380 level. It is close to the 76.4% Fib retracement level of the downward move from the $401 high to $310 swing low. A successful close above the $370 and $380 resistance levels may perhaps open the doors for a decent increase.

The next major resistance is near the $395 and $400 levels, above which the price is likely to rise steadily towards the $430 resistance zone.

Downside Correction in ETH?

If Ethereum fails to clear the $370 resistance or the $380 technical hurdles, there could be a short-term downside correction. An initial support on the downside is near the $360 level.

The next major support is near the $350 level and the 100 hourly simple moving average. If ether fails to stay above the $350 support, the price is likely to resume its decline. In the stated case, the bears might aim a retest of the $330 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 70 level.

Major Support Level – $350

Major Resistance Level – $370

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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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