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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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TA: Ethereum Smashes Key Resistance: Why ETH Could Rally To New ATH

Aayush Jindal by Aayush Jindal
3 years ago
in ETH
Reading Time: 2 mins read

Ethereum is up over 10% and it broke the $1,250 resistance against the US Dollar. ETH price is trading above $1,300 and it is likely to accelerate further higher in the near term.

  • Ethereum is gaining momentum above the $1,250 and $1,280 resistance levels.
  • The price is showing positive signs above $1,300 and the 100 hourly simple moving average.
  • There was a break above a major contracting triangle with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip a few points, but the overall structure suggests more gains above $1,350.

Ethereum Price is Surging

In the past 2-3 sessions, Ethereum started a strong increase above the $1,200 zone, and it outperformed bitcoin. ETH price broke many important barriers near $1,245 and $1,250 to move further into a bullish zone.

The bulls gained strength, resulting in a rally above the $1,280 resistance. To start the rally, there was a break above a major contracting triangle with resistance near $1,245 on the hourly chart of ETH/USD. Ether price is now up over 10% and it is trading well above the 100 hourly simple moving average.

A high is formed near $1,346 and the price is currently consolidating gains. An initial support on the downside is near the $1,315 level. It is close to the 23.6% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the $1,345 and $1,350 levels are initial hurdles. A clear break above the $1,350 level could open the doors for a sharp increase. In the stated case, ether price will most likely surpass the $1,400 and $1,420 levels in the near term. The next major resistance is near the $1,500 level.

Dips Supported in ETH?

If ethereum corrects lower below the $1,315 and $1,300 levels, it could find a strong support near the $1,280 level (a decent bid zone).

The 50% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high is also near the $1,280 level to provide support. Any more losses could lead the price towards the $1,250 zone (resistance turned support).

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is well above the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,350

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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