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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

Ethereum Price Offers Trade Opportunities After Recent Bullish Breakout

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

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Ethereum managed to clear the $1,230 resistance zone against the US Dollar. ETH tested $1,280 and seems to be forming a strong support near $1,230.

  • Ethereum gained bullish momentum and cleared the $1,230 resistance zone.
  • The price is now trading above $1,230 and the 100 hourly simple moving average.
  • There is a short-term bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it stays above the $1,230 and $1,200 support levels.

Ethereum Price Rallies Above Resistance

Ethereum price remained well bid above the $1,150 support zone. ETH formed a base and started a fresh increase above the $1,200 resistance, similar to bitcoin.

The price cleared the key resistance near the $1,230 and $1,250 levels. The upward move was such that the price traded as high as $1,280. It is now consolidating gains near the $1,265 level. Ether price is also trading above $1,230 and the 100 hourly simple moving average.

The bulls are currently active above the 23.6% Fib retracement level of the recent increase from the $1,150 swing low to $1,280 high. There is also a short-term bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,280 level. The first major resistance is near the $1,300 level. The next major resistance is near the $1,330 level, above which ether price might start another bullish wave. In the stated case, the price could rise towards the $1,380 resistance zone. Any more gains might send the price towards the $1,420 resistance zone.

Dips Supported in ETH?

If ethereum fails to climb above the $1,280 resistance, it could start a downside correction. An initial support on the downside is near the $1,250 level.

The next major support is near the $1,230 level and the highlighted trend line. If there is a break below $1,230, the price could test the $1,200 support, where the bulls could emerge. Any more losses may perhaps start another decline towards the $1,150 support zone in the near term.

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 – $1,230

Major Resistance Level – $1,280

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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

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