TA: Ethereum Stuck Below $1,760, Why ETH Could Surge To $1,880

Aayush Jindal

1 year 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 gained momentum above $1,650 after bitcoin’s surge against the US Dollar. ETH price is still struggling near $1,760, but it is likely to break higher.

Ethereum rallied above $1,650 and it traded to a new all-time high near $1,777.
The price is now trading well above $1,650 and the 100 hourly simple moving average.
There is a key ascending channel forming with support near $1,710 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could dip towards the $1,650 support, but it is likely to continue higher towards $1,800.

Ethereum Price Is Eyeing Upside Break

After clearing the $1,650 resistance, Ethereum started a fresh increase. ETH even cleared the $1,700 resistance, but it struggled to rise as much as bitcoin.

During the increase, there was a break above a major bearish trend line with resistance near $1,660 on the hourly chart of ETH/USD. The pair gained pace above $1,710 and it even spiked above the $1,750 resistance zone.

Ether traded to a new all-time high near $1,777 and it is currently consolidating gains. It is trading well above $1,650 and the 100 hourly simple moving average. An immediate support is near the 23.6% Fib retracement level of the recent rally from the $1,488 swing low to $1,777 high.

Source: ETHUSD on TradingView.com

There is also a key ascending channel forming with support near $1,710 on the same chart. If there is a downside break below the channel support, the price could decline towards the $1,650 support zone.

On the upside, the price is clearly facing a major resistance near the $1,760 and $1,770 levels. A proper break above $1,770 might spark a rally. The next key resistance is near the $1,880 level.

Dips Supported in ETH?

If Ethereum fails to clear the $1,760 and $1,770 resistance levels, it could correct lower. On the downside, the first major support is near the $1,660 level.

The next major support is near the $1,635 level and 100 hourly simple moving average. The 50% Fib retracement level of the recent rally from the $1,488 swing low to $1,777 high is also near the $1,635 level to provide support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still well above the 50 level.

Major Support Level – $1,650

Major Resistance Level – $1,770

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.