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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum is Struggling Near $400, But 100 SMA Could Trigger Bullish Break

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum recovered above the $380 and $385 resistance levels against the US Dollar. ETH price is struggling to clear the $400 resistance, but it is holding the key 100 SMA (H4).

  • ETH price is trading well above the $360 and $375 resistance levels against the US Dollar.
  • The price traded to a new weekly high at $395 and it is above the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $374 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above $400 as long as it is above the 100 SMA (H4).

Ethereum Price Holding Uptrend Support

This past week, Ethereum remained in a positive zone above the $360 resistance against the US Dollar. ETH price even managed to surpass the $380 resistance zone to move further into a positive zone.

Ether price traded to a new weekly high at $395 and it is now well above the 100 simple moving average (4-hours). The price is currently correcting lower and trading below the $385 level. There was a break below the 23.6% Fib retracement level of the upward move from the $353 low to $395 high.

On the downside, the first major support is near the $376 level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $374 on the 4-hours chart of ETH/USD.

Ethereum

Ethereum price trades above $380. Source: TradingView.com

The trend line support coincides with the 50% Fib retracement level of the upward move from the $353 low to $395 high. On the upside, the price is facing hurdles near the $395 and $400 levels. A successful close above the $400 resistance zone is needed for a fresh rally towards the $420 level or $425.

Downsides Supported in Ether (ETH)?

If Ethereum fails to clear the $400 resistance zone, it might continue to move down. An initial support is near the $375 zone or the 100 simple moving average (4-hours).

If there is a downside break below the trend line support and the 100 SMA, there is a risk of a larger decline towards the $355 and $350 support levels in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is losing pace in the bullish zone.

4 hours RSI – The RSI for ETH/USD is still above the 50 level.

Major Support Level – $375

Major Resistance Level – $400

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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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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
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