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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Breaking This Confluence Resistance Could Spark Significant Surge

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price

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Ethereum price is still struggling to clear the $1,720 resistance against the US Dollar. ETH could surge if there is a close above $1,720 and $1,740.

  • Ethereum is still facing a major hurdle near $1,720 and $1,740.
  • The price is trading above $1,660 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,715 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another rally if there is a proper close above the $1,720 resistance.

Ethereum Price Faces Key Hurdle

Ethereum price made another attempt to clear the $1,720 resistance zone. However, ETH failed to gain pace for a close above the $1,720 resistance, similar to bitcoin at $25,000.

The recent high was formed near $1,719 and the price is now consolidating gains. It corrected a few points below the $1,700 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,651 swing low to $1,719 high.

Ether price is now trading above $1,660 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,715 level. There is also a key bearish trend line forming with resistance near $1,715 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,720 zone. A proper close above the $1,720 resistance zone start a major increase. In the stated scenario, the price might rise towards the $1,800 level. Any more gains might open the doors for a move towards the $1,880 level.

Dips Limited in ETH?

If ethereum fails to clear the $1,720 resistance, it could start another downside correction. An initial support on the downside is near the $1,685 level and the 100 hourly SMA.

The 50% Fib retracement level of the upward move from the $1,651 swing low to $1,719 high is also near $1,685. The next major support is near the $1,665 zone. If there is a break below $1,665, the price might continue to drop towards the $1,600 support. Any more losses might call for a test of the $1,565 level.

Technical Indicators

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

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

Major Support Level – $1,665

Major Resistance Level – $1,720

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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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