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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Gears Up for a Record High: Can It Break Through?

Aayush Jindal
Aayush Jindal
9 months ago
2 mins read
Ethereum Gears Up for a Record High

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Ethereum price started a decent increase above the $3,950 zone. ETH is consolidating gains and might aim for a move above the $4,150 resistance zone.

  • Ethereum started a decent increase above $3,950 and $4,000.
  • The price is trading below $3,980 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up if it clears the $4,080 and $4,120 resistance levels.

Ethereum Price Regains Momentum

Ethereum price remained stable and extended gains above $3,880 but it underperformed Bitcoin. ETH was able to climb above the $3,980 and $4,000 resistance levels.

The bulls pushed the pair above the $4,050 and $4,080 resistance levels. A high was formed at $4,107 before there was a pullback. There was a minor decline below the $4,000 level. The price traded as low as $3,946 and is currently rising.

There was a move above the 23.6% Fib retracement level of the downward move from the $4,107 swing high to the $3,946 low. Ethereum price is now trading above $4,000 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,940 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $4,025 level. The first major resistance is near the $4,070 level or the 76.4% Fib retracement level of the downward move from the $4,107 swing high to the $3,946 low.

Ethereum Price
Source: ETHUSD on TradingView.com

The main resistance is now forming near $4,120. A clear move above the $4,120 resistance might send the price toward the $4,250 resistance. An upside break above the $4,250 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,350 resistance zone or even $4,500.

Downside Correction In ETH?

If Ethereum fails to clear the $4,120 resistance, it could start another decline. Initial support on the downside is near the $3,980 level. The first major support sits near the $3,940 zone.

A clear move below the $3,940 support might push the price toward the $3,880 support. Any more losses might send the price toward the $3,800 support level in the near term. The next key support sits at $3,750.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,940

Major Resistance Level – $4,120

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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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