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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Prints Bullish Breakout, A Strengthening Case For $425

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum

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Created by industry experts and meticulously reviewed
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Ethereum’s ether started a fresh increase above $385, following bitcoin’s rise above $13,800 against the US Dollar. ETH price is likely to continue higher towards $420 and $425.

  • Ethereum is up over 5% and it broke the key $400 resistance level.
  • The price is now trading above $404 and the 100 hourly simple moving average.
  • There was a break above a major contracting triangle with resistance near $385 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher once it clears the $408 and $410 levels.

Ethereum Price is Gaining Bullish Momentum

After finding a strong support near $372, Ethereum started a fresh increase. Bitcoin price rallied above $13,800 and $14,000, resulting in a decent increase in ETH above the $388 and $395 resistance levels.

The recent rally was initiated after there was a break above a major contracting triangle with resistance near $385 on the hourly chart of ETH/USD. Ether price even cleared the $400 resistance level and settled well above the 100 hourly simple moving average.

A new monthly high is formed near $408 and the price is currently consolidating gains. An initial support is near the $402 and $401 levels. The 23.6% Fib retracement level of the recent increase from the $379 swing low to $408 high is also near the $401 level.

Ethereum Price

Source: ETHUSD on TradingView.com

It seems like there is a key contracting triangle forming with resistance near $407 on the same chart. A clear break above the triangle resistance and $208 could open the doors for more upsides.

The next immediate resistance is near the $412 level, above which the bulls are likely to aim a larger rally towards the $420 and $425 resistance levels in the coming sessions.

Downside Limited in ETH?

If Ethereum fails to clear the $407 and $408 resistance levels, it could correct lower. An initial support on the downside is near the $400 level and the triangle lower trend line.

If there is a downside break below the triangle support at $401 and $400, ether price might decline towards the $395 support. It is close to the 50% Fib retracement level of the recent increase from the $379 swing low to $408 high.

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 now well above the 60 level.

Major Support Level – $400

Major Resistance Level – $408

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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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