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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Holds Strong at $2,750: A Strengthening Case for Upside

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum retested the $2,750-2,780 support zone against the US Dollar. ETH price is recovering and it must clear $3,000 to start a steady increase in the near term.

  • Ethereum started an upside correction after testing the $2,780 zone.
  • The price is still trading below $3,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady increase if there is a close above $2,950 and $3,000.

Ethereum Price Faces Hurdle

Ethereum failed to clear $3,150 and started a fresh decline, similar to bitcoin. ETH broke the $3,000 and $2,950 support levels to enter a bearish zone.

The price even settled below $2,950 and the 100 hourly simple moving average. There was a break below $2,800, but the bulls remained active above $2,750. A low is formed near $2,789 and the price is now correcting lower.

Ether climbed above the $2,850 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,165 swing high to $2,789 low. On the upside, an immediate resistance is near the $2,950 level and the 100 hourly simple moving average.

The first major resistance is near the $2,980 level. There is also a major bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,165 swing high to $2,789 low.

Ethereum Price

Source: ETHUSD on TradingView.com

A break above $2,950 and $3,000 could start a decent increase. The next key resistance is near $3,150, where the bears may possibly take a stand in the near term.

Fresh Decline in ETH?

If ethereum fails to continue higher above the $2,950 and $3,000 resistance levels, it could start a fresh decline. An initial support on the downside is near the $2,825 level.

The main support is still near the $2,780 and $2,750 levels. If ether fails to stay above $2,750, there is a risk of a larger decline. In the stated case, the price might slide towards the $2,650 level.

Technical Indicators

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

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

Major Support Level – $2,750

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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