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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Holds Ground – Indicators Suggest Fresh Surge To $2,120

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

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Ethereum price corrected lower and tested the $1,935 support. ETH is likely forming a double-bottom and might start a decent increase.

  • Ethereum reacted to the downside and tested the $1,935 support.
  • The price is trading below $2,020 and the 100-hourly Simple Moving Average.
  • There was a break below a key contracting triangle with support near $2,025 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely forming a double-bottom pattern and might outperform Bitcoin.

Ethereum Price Revisit $1,935

After facing rejection near the $2,090 zone, Ethereum price reacted to the downside. ETH traded below the $2,050 and $2,020 support level to enter a short-term bearish zone, like Bitcoin.

There was also a break below a key contracting triangle with support near $2,025 on the hourly chart of ETH/USD. However, the bulls took a stand near the $1,935 support zone. It seems like Ether is likely forming a double-bottom pattern, while Bitcoin is forming a double-top near $38,000.

Ethereum is now trading above the 23.6% Fib retracement level of the downward move from the $2,092 swing high to the $1,935 low. Immediate resistance is near the $2,000 zone.

The first major resistance is near $2,020 or the 100-hourly Simple Moving Average. It is near the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,935 low. A close above the $2,020 resistance could start another strong increase.

Ethereum Price

Source: ETHUSD on TradingView.com

The next resistance is near $2,090, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level.

More Losses in ETH?

If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,950 level. The next key support is $1,935.

The main support is $1,920. A downside break below the $1,920 support might start a steady decline. In the stated case, Ether could drop toward the $1,850 support zone in the near term. Any more losses might call for a drop toward the $1,800 level.

Technical Indicators

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

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

Major Support Level – $1,935

Major Resistance Level – $2,020

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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.

Read more

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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