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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

TA: Ethereum Gains Traction, A Strengthening Case For More Gains

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum gained over 5% and broke the $3,250 resistance against the US Dollar. ETH price is rising and could accelerate higher above $3,350.

  • Ethereum started a strong increase above the $3,150 resistance.
  • The price is now trading above $3,250 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is consolidating near $3,300 and might extend rally in the near term.

Ethereum Price Eyes More Upsides

Ethereum formed a base above the $3,050 support zone. ETH started another increase and cleared the $3,150 resistance.

There was also a clear move above the $3,250 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at $3,340 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the recent wave from the $3,130 swing low to $3,340 high.

Besides, there is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,350 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,400 level. Ether price could start another surge if there is a clear move above the $3,400 resistance. In the stated case, the price may perhaps test the $3,500 level. Any more gains might call for a move towards the $3,620 resistance zone in the coming sessions.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $3,350 level, it could start a downside correction. An initial support on the downside is near the $3,290 zone. The next major support is near the $3,235 level. It is near the 50% Fib retracement level of the recent wave from the $3,130 swing low to $3,340 high.

The main support is near the $3,200 zone and the trend line. A downside break below the $3,200 support zone might push the price further lower. In the stated case, the price might drop to $3,050.

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 in the overbought zone.

Major Support Level – $3,235

Major Resistance Level – $3,350

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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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