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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price (ETH) Likely To Accelerate Above $240 & $250

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

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  • ETH price remained well bid above the $208 support and recently climbed higher against the US Dollar.
  • The price settled above the $220 pivot level and is currently consolidating in a range.
  • There is a breakout pattern forming with resistance near $227 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate higher above the $227 and $230 resistance levels in the near term.

Ethereum price is showing positive signs above $208 and $215 versus the US Dollar, similar to bitcoin. ETH price might continue to rise towards the $240 and $250 resistances.

Ethereum Price Analysis

After forming a support base above $200 and $208, Ethereum price climbed higher against the US Dollar. The ETH/USD pair even broke the $220 resistance and settled above the 100 hourly simple moving average. Recently, there was a break above the $230 level and the price traded to a new intraday high at $236. Later, it corrected lower and traded below the $225 level. A low was formed near $217 and the price is currently consolidating in a range.

It broke the $220 level plus the 23.6% Fib retracement level of the recent decline from the $236 high to $217 low. However, the price is struggling to clear the $227 and $230 resistance levels. Moreover, there is a breakout pattern forming with resistance near $227 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from the $236 high to $217 low also acted as a barrier.

If there is an upside break above the $227 and $230 resistance levels, the price might continue to rise. The next key resistance is near the $236 high, above which the price could accelerate towards the $240 level. Any further gains could push the price towards the $250 resistance.

On the other hand, if the price fails to gain pace above $227 and $230, there could be a downside break. An immediate support is near the $217 low, below which the price might accelerate towards the $210 or $208 support area.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly preparing for the next move either above $230 resistance or below the $217 swing low. If there is an upside break above $230, the price will most likely grind higher towards the $250 area. Conversely, it could revisit the $208 support area in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a bullish angle.

Major Support Level – $217

Major Resistance Level – $230

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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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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

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