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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Bulls Waiting On Sidelines For Crucial Bullish Break Above $240

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ethereum

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Ethereum is gaining traction and it recently recovered above the $225 resistance against the US Dollar. ETH price could rally if there is a clear break above $238 and $240.

  • Ethereum is slowly gaining momentum above the $220 and $225 levels against the US Dollar.
  • The price must climb above the $238 and $240 levels to start a significant and steady rise.
  • There was a break above a major bearish trend line with resistance near $225 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is also recovering and it is now trading above the $8,800 level.

Ethereum Price Showing Positive Signs

In the past three sessions, Ethereum traded with a positive bias above the $220 resistance against the US Dollar. ETH price is up more than 4% and it broke the $225 resistance to move into a positive zone.

There was a proper close above the $225 level and the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $225 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The pair remained well bid and it climbed above the $230 level. A new intraday high is formed near $235 and the price is currently correcting lower. There was a break below the $232 and $230 levels.

Besides, Ethereum traded below the 23.6% Fib retracement level of the recent upward move from the $212 low to $235 high. An initial support on the downside is near the $228 level and the 100 hourly simple moving average.

The next major support is near the $225 level (the recent breakout zone). The main support is now near the $223 level. It coincides with the 50% Fib retracement level of the recent upward move from the $212 low to $235 high.

Therefore, dips in Ethereum remain well supported near $225 and $223. On the upside, there are a few important resistances seen near $235, $238 and $240. A successful break and close above $240 is needed to start a significant upward move and a fresh rally.

Another Failure?

If Ethereum fails to continue higher above $238, it could decline below the $225 and $223 support levels. The next key support is seen near the $220 level.

Any further losses may perhaps lead the price back towards the $208 swing low in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with positive signs.

Major Support Level – $225

Major Resistance Level – $238

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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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