Ethereum Smashes Crucial Hurdle And It Could Rally To $250

Aayush Jindal

1 year ago

2 mins read

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.

Ethereum formed a strong support base above the $224 level against the US Dollar. ETH is up over 3% and it broke the key $230 and $232 resistance levels.

Ethereum is gaining bullish momentum above the $230 pivot and the 100 hourly simple moving average.
The price is up more than 3% and it even tested the $235 resistance level.
There was a break above a major bearish trend line with resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is showing positive signs and it seems like it could continue to rise towards $240 and $250.

Ethereum Price is Surging

In the past few days, Ethereum price formed a strong support base above $224 against the US Dollar. ETH price started a fresh increase and surpassed a couple of important hurdlers near $228 and $230.

The bulls gained strength, resulting in a steady rise above the $230 resistance the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $230 on the hourly chart of ETH/USD.

The pair even climbed above the $232 resistance and tested the $235 region. It is currently correcting lower and trading near the 23.6% Fib retracement level of the recent upward move from the $223 swing low to $235 high.

Ethereum price rallies 3%. Source: TradingView.com

On the downside, the first major support is near the $230 level (the recent breakout zone) and the trend line. It is close to the 50% Fib retracement level of the recent upward move from the $223 swing low to $235 high.

Once the current correction wave is complete, there are chances of another increase above the $235 resistance zone. In the mentioned case, ether price might continue to rise towards the $245 and $250 resistance levels in the coming sessions.

Another Failure in ETH?

If Ethereum fails to remain stable above the $230 support, there is a risk of a false upside break. A bearish close below the $230 support might spark a fresh decline.

The next major support is near the $224 level, below which the bears are likely to eye a sustained downward move.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently well near the overbought zone.

Major Support Level – $230

Major Resistance Level – $235

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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.

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.

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.