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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

TA: Ethereum Smashes Heavy Resistance And Its Primed To Surpass $450

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ethereum cleared the $405 and $410 resistance levels to start a fresh rally, following bitcoin price surge against the US Dollar. ETH price is likely to continue higher towards $450 and $465.

  • Ethereum is up over 6% and it broke the key $420 resistance level.
  • The price is now trading above $425 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $420 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the $420 support zone is likely to protect losses.

Ethereum Price is Following Bitcoin’s Surge

After forming a support base above the $400 level, Ethereum started a strong upward move. ETH price broke the $405 and $410 resistance levels to move into a positive zone and start the recent rally.

The price gained bullish momentum and it surged above the $420 resistance level. The upward move was such that ether even spiked above $440 and it settled well above the 100 hourly simple moving average. A new monthly high is formed near $442 and the price is currently correcting lower.

Ether is trading below the $435 support, plus it traded below the 23.6% Fib retracement level of the recent rally from the $407 swing low to $442 high. On the downside, there are many supports, starting with $424.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent rally from the $407 swing low to $442 high is near $424 to provide support. There is also a major bullish trend line forming with support near $420 on the hourly chart of ETH/USD.

On the upside, the $435 level is an initial resistance. The first major hurdle is near $440, above which the price could easily test $450. Any further gains could lead the price towards the $465 resistance.

Downside Limited in ETH?

If Ethereum fails to clear the $435 and $440 resistance levels, it could correct lower. The first major support on the downside is near the $424 level.

The main breakdown support is forming near the trend line and $420. If ether price breaks the trend line support, it could continue to move down towards the $400 support zone or the 100 hourly simple moving average.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is still well above the 60 level.

Major Support Level – $420

Major Resistance Level – $440

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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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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

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