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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Smashes Heavy Resistance: Here’s What Could Propel it to $250

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is up around 2% and it broke the $232 resistance against the US Dollar. ETH has likely moved into a positive zone and it could continue to rise towards $240 or even $250.

  • Ethereum is slowly gaining bullish momentum above the $232 resistance
  • The price tested the $235 resistance and trading well above the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct a few points, but it is likely to resume its upside towards $240 or $250.

Ethereum Price Turns Green

After forming a strong support base above $225, Ethereum price started a fresh increase resistance against the US Dollar. ETH spiked above the $230 resistance from the $222 swing low to move into a positive zone.

The bulls gained strength above the $232 resistance and the price settled well above the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $230 on the hourly chart of ETH/USD.

Ether tested the $235 resistance and it is currently consolidating gains. An initial support is near the $233.50 level or the 23.6% Fib retracement level of the recent surge from the $227 low to $235 high.

Ethereum Price

Ethereum price tests $235. Source: TradingView.com

The main support is now near the $232 level. It is close to the recent breakout zone and coincides with the 50% Fib retracement level of the recent surge from the $227 low to $235 high. On the upside, the $235 level is an immediate resistance level.

The current price action suggests that ether could rise further above $235. The next key resistance is near the $240 level, above which the price is likely to grind higher towards the $250 resistance zone in the near term.

Dips Supported in ETH

The $232 level is likely to act as a strong support for Ethereum, followed by $230. If the bulls fail to defend the $230 level, there is a risk of a sharp decline.

The next key support is near the $225 level, below which the price could continue to decline towards the $218 and $215 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining traction in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 60 level, with bullish signs.

Major Support Level – $230

Major Resistance Level – $235

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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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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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