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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Ethereum Price Could Take-off If It Clears This Key Resistance Zone

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum (ETH)

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Ethereum is attempting a fresh increase above the $1,580 resistance against the US Dollar. ETH could gain bullish momentum if it clears the $1,610 resistance zone.

  • Ethereum is slowly moving higher from the $1,530 support zone.
  • The price is now trading below $1,600 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support at $1,575 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could attempt a fresh increase if there is a clear move above the $1,610 resistance.

Ethereum Price Faces Resistance

Ethereum price extended its decline below the $1,600 support zone. However, ETH bulls were active near the $1,550 level. A low was formed near $1,530 before the price started a decent increase, similar to bitcoin.

There was a break above the $1,565 and $1,580 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $1,660 swing high to $1,530 low. It even spiked above the $1,595 resistance and the 100 hourly simple moving average.

Ether price is now facing a strong resistance near the $1,600 zone and trading below the 100 hourly simple moving average. There is also a key rising channel forming with support at $1,575 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,595 level. It is close to the 50% Fib retracement level of the downward wave from the $1,660 swing high to $1,530 low. The next major resistance is near the $1,610 level. An upside break above the $1,610 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,660 resistance. Any more gains might send ether towards the $1,720 level.

Fresh Decline in ETH?

If ethereum fails to clear the $1,610 resistance, it could start a fresh decline. An initial support on the downside is near the $1,575 level and the channel trend line.

The next major support is near the $1,530 level. If there is a break below $1,530, the price might drop towards the $1,500 support. Any more losses might call for a test of the $1,450 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 – $1,530

Major Resistance Level – $1,610

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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
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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