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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Just Saw Technical Breakout, Indicators Point To More Upsides

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Ethereum is up more than 4% and it surged above the $240 resistance against the US Dollar. ETH is currently showing a lot of bullish signs and it is likely to accelerate above $250.

  • Ethereum is gaining bullish momentum and it is trading nicely above $240.
  • The price traded close to the $250 resistance and settled above the 100 hourly simple moving average.
  • There is a bullish flag pattern forming with resistance near $244 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate gains if it clears the $248 and $250 resistance levels in the near term.

Ethereum Price Rallies 4%

Yesterday, we discussed the chances of an upside break in Ethereum price above the $240 resistance against the US Dollar. ETH did gain traction above the $240 resistance and settled well above the 100 hourly simple moving average.

It opened the doors for more gains and the price broke the $245 level. Ether traded close to the $250 level and an intraday high is formed near $248. The price is currently correcting lower and trading below the $245 level.

It broke the 23.6% Fib retracement level of the recent rally from the $227 low to $247 high. It seems like there is a bullish flag pattern forming with resistance near $244 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum price trades above $240. Source: TradingView.com

The first key support is seen near the $240 and $238 levels (the recent breakout zone). The 50% Fib retracement level of the recent rally from the $227 low to $247 high is also near the $238 level.

On the upside, ether price is likely to clear the channel resistance at $244. If the bulls succeed in gaining momentum above $245, there are high chances of more gains above the $248 and $250 resistance levels. The next target for the bulls could be $255 or even $262.

Dips Supported in ETH

The $238 level is likely to act as a major support. If Ethereum fails to stay above $238, it could extend its decline towards the $234 support level and the 100 hourly simple moving average.

Any further losses below the $234 support zone could negate the current bullish view. In the mentioned case, it could decline back towards the $225 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 55 level, with bullish signs.

Major Support Level – $238

Major Resistance Level – $248

Take advantage of the trading opportunities with Plus500

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

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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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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.

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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

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