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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

TA: Ethereum Fails above $3K, Can Bulls Make it?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum attempted a steady increase above $3,000 against the US Dollar. ETH price failed near $3,050 and started a downside correction.

  • Ethereum started a downside correction after it failed to clear $3,050.
  • The price is now trading above $2,900 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is consolidating above $2,900 and might start another increase in the near term.

Ethereum Price Remains Supported

Ethereum started a steady increase above the $2,850 resistance zone. ETH cleared the $2,920 and $2,950 resistance levels to move further into a positive zone.

The price even gained pace above the $3,000 level and settled above the 100 hourly simple moving average. A high was formed near $3,054 and the price is now correcting gains. It corrected a few points below the $3,000 support zone.

There was a move below the 50% Fib retracement level of the upward move from the $2,885 swing low to $3,054 high. It is now trading above $2,900 and the 100 hourly simple moving average.

There is also a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD. The triangle support is near the 76.4% Fib retracement level of the upward move from the $2,885 swing low to $3,054 high.

Ethereum Price

Source: ETHUSD on TradingView.com

If there is a fresh increase, the price might clear the $2,965 and $2,980 resistance levels. The first major resistance is near the $3,000 level. Ether price must clear the $3,000 resistance level to start another increase. In the stated case, the price may perhaps rise towards the $3,050 level. Any more gains might call for a move towards the $3,120 resistance zone in the coming sessions.

Downside Break in ETH?

If ethereum fails to start a fresh increase above the $3,000 level, it could start a downside correction. An initial support on the downside is near the trend line support and $2,940.

The next major support is near the $2,925 and the 100 hourly SMA. A downside break below the $2,925 support zone might push the price further lower. In the stated case, the price might drop to $2,850.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,925

Major Resistance Level – $3,000

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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.

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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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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.

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