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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Gains Bullish Momentum, Why ETH Could Retest $620

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum gained bullish momentum and broke the $550 resistance against the US Dollar. ETH price is up over 8% and it seems like the bulls are aiming $600 or $620.

  • Ethereum started a fresh increase after it broke the $530 resistance level.
  • The price surpassed a major hurdle at $550 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is trading in a positive zone and it could higher towards $600 or $620.

Ethereum Price is Up 8%

In the weekly analysis, we discussed the importance of the $550 resistance for Ethereum. ETH price started following a steady bullish path, and surpassed many hurdles near the $540 and $550 levels.

Bitcoin price also gained traction above $18,200, helping ether to clear the $550 resistance. There was also a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD. There was also a break above the 50% Fib retracement level of the key decline from the $623 swing high to $478 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The pair settled nicely above the $565 level and the 100 hourly simple moving average. Ether tested the $590 resistance level. It seems like the bears are protecting the 76.4% Fib retracement level of the key decline from the $623 swing high to $478 low.

A clear break above the $590 level could open the doors for more gains above $600. In the stated case, the price is likely to revisit the $620 resistance or the $623 swing high in the near term. Any further gains may possibly push the price towards the $650 level.

Dips Supported in ETH?

If ethereum fails to clear the $590 resistance level, there could be a minor downside correction. An initial support is near the $580 level (a multi-touch zone).

A downside break below the $580 level might call for an extended decline. The next major support is near the $560 and $550 levels, followed by the key 100 hourly simple moving average. Any further losses could lead ether towards the $530 support level.

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 currently well above the 50 level.

Major Support Level – $550

Major Resistance Level – $590

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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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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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