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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Saw Key Technical Breakout And Rally Could Gain Pace Above $250

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum gained bullish momentum above the $240 resistance against the US Dollar. ETH price is currently correcting gains, but it is likely to resume its upside above $245.

  • Ethereum settled above the $235 resistance and it climbed above the $242 resistance.
  • The price traded as high as $247 and it is currently correcting lower.
  • There was a break below a short-term bullish trend line with support near $245 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise as long as it is above the $242 and $240 support levels.

Ethereum Price Turns Green

Yesterday, Ethereum saw a strong rise in buying interest above $235 against the US Dollar. ETH price settled above the $235 resistance and it climbed above the $242 resistance.

The price traded as high as $247 and settled above the 100 hourly simple moving average. Recently, it started a downside correction below the $245 level. There was also a break below a short-term bullish trend line with support near $245 on the hourly chart of ETH/USD.

The pair is now testing the 23.6% Fib retracement level of the upward move from the $234 swing low $247 high. An immediate support is near the $242 level (the recent breakout zone).

Ethereum

Ethereum price trades above $242. Source: TradingView.com

If ether price breaks the $242 support, it could extend its correction towards the $240 support. The 50% Fib retracement level of the upward move from the $234 swing low $247 high is also near the $240 support zone along with the 100 hourly simple moving average.

On the upside, the price is facing a couple of short-term hurdles near $245 and $248. The main hurdle is near the $250 level, above which ether is likely to accelerate higher towards the $258 and $262 levels.

Bearish Move in ETH?

On the downside, there is a crucial support forming near the $240 level and the 100 hourly simple moving average. A close below the $240 support might push the price back into a bearish zone.

The next major support is near the weekly pivot level at $235, below which the price is likely to accelerate lower towards the $230 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $240

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.

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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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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