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TA: Ethereum Prints Bullish Technical Pattern, Why It Could Rally Past $385

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is gaining bullish momentum above $375 against the US Dollar. ETH price is showing positive signs and it might even climb above the $385 resistance.

  • Ethereum started a fresh upward move after forming a support base near $368.
  • The price is now trading well above the $375 level and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct a few points, but there are high chances of more upsides above $385.

Ethereum Price is Gaining Traction

Ethereum started a decent upward move after it formed a strong support base above the $365 level. ETH price broke the $372 pivot level to start the current recovery wave.

The bulls gained strength, resulting in a push above the $375 resistance. Moreover, there was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD.

Ether price surpassed the 50% Fib retracement level of the downward move from the $385 swing high to $365 swing low. It is now trading well above the $375 level and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

The price is also trading above the 76.4% Fib retracement level of the downward move from the $385 swing high to $365 swing low. A high is formed near $382 and the price is clearly gaining momentum. The next immediate resistance is near the $385 swing high, above which ether is likely to accelerate higher (similar to bitcoin).

The next major resistance is near the $392 level. A clear break above the $392 resistance could open the doors for a test of the $400 barrier in the coming sessions.

Downside Break in ETH?

If Ethereum fails to clear the $385 resistance levels, it might start a short-term downside correction. An initial support is near the $378 zone.

The main support is near the broken trend line, $375, and the 100 hourly simple moving average. If ether fails to stay above $375, it could retest the $368 and $365 support levels.

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 well above the 50 level.

Major Support Level – $375

Major Resistance Level – $385

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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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