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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Price Gains Strength, Outpaces Bitcoin With An 8% Surge

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ethereum price started a steady increase above the $2,550 resistance. ETH is beating Bitcoin and might even clear the $2,750 resistance zone.

  • Ethereum started a fresh increase above the $2,550 and $2,650 levels.
  • The price is trading above $2,650 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $2,695 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend gains if it clears the $2,750 resistance zone.

Ethereum Price Jumps Over 8%

Ethereum price remained stable near the $2,520 support zone. ETH formed a base and started a fresh increase above the $2,600 level. The price gained over 8%, outperformed Bitcoin, and even surpassed the $2,650 resistance zone.

The price spiked above the $2,720 resistance. A high was formed at $2,748 and the price is now consolidating gains. There is also a connecting bullish trend line forming with support at $2,695 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the upward move from the $2,518 swing low to the $2,748 high.

Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. If there is another increase, the price might face hurdles near the $2,720 level.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $2,750 level. A close above the $2,750 level might send Ether toward the $2,880 resistance. The next key resistance is near $2,920. An upside break above the $2,920 resistance might send the price higher toward the $3,000 resistance zone in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,750 resistance, it could start a downside correction. Initial support on the downside is near $2,700 and the trend line. The first major support sits near the $2,640 zone and the 50% Fib retracement level of the upward move from the $2,518 swing low to the $2,748 high.

A clear move below the $2,640 support might push the price toward $2,580. Any more losses might send the price toward the $2,520 support level in the near term. The next key support sits at $2,450.

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 above the 50 zone.

Major Support Level – $2,695

Major Resistance Level – $2,750

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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