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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Stages Major Rally, Why ETH Could Revisit $4K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a strong rally and it cleared $3,500 against the US Dollar. ETH price even climbed above $3,800 and it could rise further towards $4,000 in the next few days.

  • Ethereum started a major increase above the $3,500 and $3,650 resistance levels.
  • The price is now trading above $3,700 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip in the short-term, but it might find bids near $3,680 or $3,620.

Ethereum Price Extends Rally

Ethereum remains in a strong uptrend above the $3,500 pivot level. ETH gained pace and it was able to surpass the $3,650 resistance level. The price even surpassed $3,750 and settled well above the 100 hourly simple moving average.

Finally, there was a break above $3,800 and the price tested the $3,840 zone. A high is formed near $3,843 and the price is now correcting lower. It traded below the $3,800 level.

There was a break below the 23.6% Fib retracement level of the upward move from the $3,520 swing low to $3,843 high. Ether price is now consolidating near the $3,750 level. It is also trading well above $3,700 and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key bullish trend line forming with support near $3,600 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,800 level. The first major resistance is near the $3,850 level. If there is a clear break above the $3,850 level, the price could accelerate higher towards the $3,900 level. The next main resistance is near the $4,000 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,800 and $3,850 resistance levels, it could start a downside correction. An immediate support on the downside is near the $3,700 level.

The next major support is now forming near the $3,680 zone. It is close to the 50% Fib retracement level of the upward move from the $3,520 swing low to $3,843 high. A downside break below the $3,680 zone could lead the price towards the trend line support at $3,600.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is correcting lower from well above the 70 level.

Major Support Level – $3,680

Major Resistance Level – $3,850

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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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