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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Ethereum Price Consolidate Gains and Seems Poised For Upside Break

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum climbed higher above the $1,320 resistance zone against the US Dollar. ETH tested the $1,350 zone and is currently consolidating gains.

  • Ethereum started a decent increase above the $1,300 and $1,320 resistance levels.
  • The price is now trading above $1,320 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,295 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another increase if it stays above the $1,280 support zone.

Ethereum Price Eyes More Upsides

Ethereum price started a decent increase above the $1,300 resistance. ETH was able to settle above the $1,300 resistance zone and gained pace for a move above $1,320, similar to bitcoin above $17,000.

The bulls pushed the price towards the $1,350 resistance zone. A high was formed near $1,346 and the price is now consolidating gains. It is approaching the 23.6% Fib retracement level of the upward wave from the $1,263 swing low to $1,346 high.

Ether is now trading above $1,320 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,295 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,340 level. The next major resistance is near the $1,350 level. A proper close above the $1,350 resistance could another decent increase. In the stated case, the price may perhaps climb higher towards the $1,420 resistance. Any more gains might send the price towards $1,500, above which the price could rise towards the $1,650 resistance zone.

Dips Limited in ETH?

If ethereum fails to clear the $1,340 resistance, it could start a downside correction. An initial support on the downside is near the $1,320 level.

The next major support is near the $1,300 level and the trend line. It is near the 50% Fib retracement level of the upward wave from the $1,263 swing low to $1,346 high. A downside break below the trend line support might send the price towards the $1,280 support. Any more losses might call for a test of the $1,250 zone.

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 below the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,340

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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