Ethereum (ETH) Price Rally Alongside Bitcoin: More Upsides Likely

Aayush Jindal

1 year ago

2 mins read

sleepwalking, technical analysis ethereum

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ETH price started a fresh increase and broke the key $265 resistance area against the US Dollar.
The price settled above the $265 level and traded close to the $272 level.
There was a break above a declining channel with resistance near the $251 level on the hourly chart of ETH/USD (data feed via Kraken).
The pair is currently consolidating gains, but it is likely to climb further higher above $275.

Ethereum price is gaining bullish momentum versus the US Dollar, similar to bitcoin. ETH is now trading above the $265 resistance and it is likely to continue higher in the near term.

Ethereum Price Analysis

After testing the $230 support, Ethereum price started a steady rise against the US Dollar. The ETH/USD pair broke many hurdles on the way up, including $245 and $250. There was a close above the $250 resistance and the 100 hourly simple moving average. Recently, bitcoin price started a strong upward move, pushing ETH above the key $265 resistance. It opened the doors for more gains above the $265 and $270 levels.

During the rise, there was a break above a declining channel with resistance near the $251 level on the hourly chart of ETH/USD. The pair traded above the $270 level and formed a new weekly high at $272. The price is currently correcting lower and is trading near $268. An initial support is at $266 and the 23.6% Fib retracement level of the recent wave from the $246 low to $272 high. However, the main support is now at $265 (the previous resistance area). The next key support could be near the $259-260 zone.

It coincides with the 50% Fib retracement level of the recent wave from the $246 low to $272 high. If there are further losses, the price could find support near the $252 level and the 100 hourly SMA. On the upside, an initial resistance is near the $272 level, above which the price may perhaps rally above the $275 level. The main resistance is near the $280 level, followed by the $300 handle.

Looking at the chart, Ethereum price is clearly trading nicely above the $265 pivot level. As long as there is no close below the $258 level, there are chances of a fresh increase. A clear break above the $272 level will most likely open the doors for a sharp rise above the $275 and $280 levels in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is placed heavily in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD is currently correcting lower from the overbought levels towards the 60 level.

Major Support Level – $260

Major Resistance Level – $272

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.

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