Ethereum (ETH) Price Primed For More Gains, Bitcoin Up 6%

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.

ETH price made a few attempts to settle above the $300 resistance area against the US Dollar.
It is currently consolidating near $300 and it might rise above $305 and $306 in the near term.
There is a new connecting bullish trend line forming with support near $297 on the hourly chart of ETH/USD (data feed via Kraken).
If there is a downside break below $295, the price could revisit the $285 support area.

Ethereum price is showing positive signs above $295 versus the US Dollar, but struggling vs bitcoin. ETH price might accelerate gains once it settles above the $300 and $305 levels.

Ethereum Price Analysis

There were extended gains in bitcoin above the $11,500 level, but Ethereum struggled against the US Dollar. Earlier, the ETH/USD pair made a few attempts to settle above the $300 resistance area. Finally, there was an upside break, but there was no momentum above the $300 level. The price traded to a new intraday high near $304 and settled above the 100 hourly simple moving average.

It is currently correcting gains and is trading near the $300 level. The 23.6% Fib retracement level of the recent wave from the $290 swing low to $304 high is also near the $300 level. If there are more downsides, the price might test the $296-297 support area. Moreover, there is a new connecting bullish trend line forming with support near $297 on the hourly chart of ETH/USD.

Below the trend line, the next key support is near the $295 level. The 50% Fib retracement level of the recent wave from the $290 swing low to $304 high is also near the $295 level. Finally, the 100 hourly SMA is likely to act as a strong support near $295. As long as there is no close below $295 and the 100 hourly SMA, there are chances of more upsides in the near term.

On the upside, an immediate resistance is near the $304-305 zone. If there is an upside break above $305, the price could test the $310 resistance area. Any further gains could lead the price towards the key $325 resistance area.

Looking at the chart, Ethereum price is clearly showing a few positive signs above the $295 support area. If bitcoin price continues to rise and breaks the $12,000 resistance, there could be more gains in ETH/USD above the $305 and $310 resistance levels.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently showing positive signs in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, but it is correcting lower.

Major Support Level – $295

Major Resistance Level – $305

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.