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Home Cryptocurrency news Ethereum

Decision Time for Ethereum: Technicals Suggest a Crucial Breakout Pattern

Aayush Jindal by Aayush Jindal
5 months ago
in Ethereum, Technical analysis
Reading Time: 2min read
Ethereum
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Ethereum is slowly moving into a positive zone above the $350 resistance against the US Dollar. ETH price must break the $362 and $365 resistance levels to continue higher.

  • Ethereum traded above the $350 and $355 resistance levels to move into a positive zone.
  • The price seems to be forming a support base above $350 and the 100 hourly simple moving average.
  • There is a key ascending channel forming with support near $352 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher if it clears the $362 and $365 resistance levels.

Ethereum Price is Showing Positive Signs

After surpassing the $335 hurdle, Ethereum extended its rise above the $350 resistance. ETH price even settled above the $350 resistance zone and the 100 hourly simple moving average to move into a positive zone.

There was a spike above the $360 level, but it seems like ether is facing hurdles near $362 and $365. Recently, there was a downside correction, but the price remained stable near $350. A swing low is formed near $348 and the recent high was near $360.

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An initial support on the downside is near the $358 level or the 23.6% Fib retracement level of the recent rise from the $348 swing low to $360 high. It seems like there is a key ascending channel forming with support near $352 on the hourly chart of ETH/USD.

Ethereum

Ethereum price settles above $350. Source: TradingView.com

The channel support is close to the 50% Fib retracement level of the recent rise from the $348 swing low to $360 high. A breakout pattern seems to be forming with resistance near $362.

A clear break above the $362 and $365 resistance levels may perhaps open the doors for a larger increase. The next key resistance is near the $375 level, above which the bulls are likely to aim a test of the $400 resistance.

Downside Break in ETH?

If Ethereum fails to clear the $362 and $365 resistance levels, there is a risk of a downside break. The first key support is near the channel support and $352.

The main support is forming near the $350 level and the 100 hourly SMA. A successful close below the $350 support zone could open the doors for a larger decline towards the $335 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 well above the 50 level, with a positive angle.

Major Support Level – $350

Major Resistance Level – $362

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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