Ethereum Prints Bullish Technical Pattern, Why Close Above 365 Is Critical

Aayush Jindal

4 years ago

2 mins read

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.

Ethereum is showing positive signs above the key $355 support against the US Dollar. ETH price could accelerate higher if it clears the $365 resistance zone.

Ethereum is slowly rising and it is now trading well above the $355 support.
The price is currently testing the $362 resistance and is above the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $355 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue lower if it breaks the $365 and $365 resistance levels.

Ethereum Price is Showing Positive Signs

Ethereum started a steady rise above the $355 support zone and remained in a positive zone. ETH bears failed to push the price below the $350 support and the 100 hourly simple moving average, resulting in a positive move.

The price climbed above the $358 and $360 levels. Ether is now testing the $362 resistance and it is showing a few positive signs (similar to bitcoin). If there is a downside correction, the price could find support near the $360 level.

The first major support is near the $358 level or the 50% Fib retracement level of the recent rise from the $352 low to $363 high. The main support is still near the $355 level and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $355 on the hourly chart of ETH/USD.

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

The trend line coincides with the 76.4% Fib retracement level of the recent rise from the $352 low to $363 high. On the upside, ether price is facing a key hurdle near the $365 level. A successful close above the $365 resistance could trigger a sharp rise. The next target for the bulls might be $385 or even $392.

Dips Supported in ETH?

If Ethereum fails to clear the $365 resistance, there could be a fresh downside correction. On the downside, there are many important supports near $358, $355, and the 100 hourly SMA.

To push the price into a bearish zone, the bears need a clear break below the $355 support and then a follow up move below the $350 support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace 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 – $355

Major Resistance Level – $365

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.

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.

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.