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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum (ETH) Price Could Surpass $320, Bitcoin Breaks $13K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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  • ETH price is gaining momentum above the $310 resistance area against the US Dollar.
  • The price must break the $315 resistance area to climb above the $320 resistance zone.
  • There is a breakout pattern forming with resistance near $314 on the hourly chart of ETH/USD (data feed via Kraken).
  • On the downside, there are a few important supports near the $306 and $302 levels.

Ethereum price is likely to break the $320 resistance area versus the US Dollar, but struggled vs bitcoin. ETH price remains well supported on the downside as long as above $302.

Ethereum Price Analysis

After yesterday’s rise, there were further gains in bitcoin price above $12,500 against the US Dollar. BTC/USD even broke the $13,000 resistance area (as discussed in yesterday’s analysis). On the other hand, there was no new weekly high in Ethereum, but it remained stable above the $300 and $302 support levels. Earlier, it started a downside correction from the $318 swing high and traded below the $310 support area.

However, the $302 support zone acted as a strong support along with the 100 hourly simple moving average. A swing low was formed at $302.80 and the price recently climbed back above the $306 and $308 levels. Moreover, it recovered above the 50% Fib retracement level of the recent decline from the $318 high to $302 swing low. It is now trading nicely above the $310 level.

Moreover, there is a breakout pattern forming with resistance near $314 on the hourly chart of ETH/USD. The pair is currently trading near the 61.8% Fib retracement level of the recent decline from the $318 high to $302 swing low. If there is an upside break above the $314 and $315 resistance levels, Ethereum price could continue to rise. In the mentioned case, the price is likely to break the last swing high near $318 and trade to a new weekly high above $320.

The next major resistance is near the $325 level. On the downside, an initial support is near the $310 level. The next major support is near the $306 level, which is near the triangle lower trend line.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading with a positive bias above the $310 level and it looks set for more gains above the $315 and $320 levels. The bulls may even push the price above the $325 resistance level in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is moving back in the bullish zone, with a positive bias.

Hourly RSI – The RSI for ETH/USD is currently well above the 55 level, with a positive angle.

Major Support Level – $306

Major Resistance Level – $320

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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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