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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Ethereum (ETH) Price Sighting Significant Bullish Break Above $265

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • ETH price seems to be trading in a broad range below the $265 resistance against the US Dollar.
  • The price recently recovered after testing the $230-231 support area.
  • There is a major contracting triangle forming with resistance at $260 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains well supported on dips and it is likely to break the $265 and $270 resistances.

Ethereum price is preparing for the next big move versus the US Dollar, similar to bitcoin. ETH could rally strongly once it clears the key $265 resistance level in the near term.

Ethereum Price Weekly Analysis

This past week, Ethereum price mostly traded in a range above the $230 support level against the US Dollar. The ETH/USD pair failed to clear the $265 resistance level and moved towards the range support. It tested the range support near the $231 level and recently started a fresh increase. It climbed back above the $255 level and remained well above the 100 simple moving average (4-hours). The price traded as high as $258.63 and it is currently correcting lower.

On the downside, an immediate support is near the $245 level. Moreover, the 50% Fib retracement level of the last wave from the $232 swing low to $258 swing high is also near the $245 level. Below $245, the next key support is near the $238 level. More importantly, it seems like there is a major contracting triangle forming with resistance at $260 on the 4-hours chart of ETH/USD. The triangle support is near the $238 level, below which the price may test the $232 support area.

If there is a daily close below the $230 support, the price could start a strong decline in the near term. On the upside, the triangle resistance is near the $258 level. However, the main resistances are near $260 and $265. A successful close above the $265 resistance is likely to open the doors for a larger upward move. The next key resistances are near $270 and $280. Above $280, the price could test the $300 level in the coming days.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum seems to be consolidating in a broad range above the $232 support area. On the upside, the bulls must gain momentum above the $265 level to start a strong rally. If they continue to struggle, there are chances of a strong decline below $230.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bullish zone.

4 hours RSI – The RSI for ETH/USD recently declined below the 50 level and it could continue to move down.

Major Support Level – $230

Major Resistance Level – $265

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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.

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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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