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

Ethereum Defies Gravity But Here’s Why It Must Break $250 For Fresh Rally

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum

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Ethereum started a fresh increase from the $235 zone against the US Dollar. ETH price is now trading nicely above $240, but it is still struggling to gain momentum above $245 and $250.

  • Ethereum is trading well above the $240 support and the 100 hourly simple moving average.
  • The price must surpass the $245 and $250 resistance levels to continue higher.
  • There was a break above a key bearish trend line with resistance near $242 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip in the short term, but the $240 zone is likely to provide support.

Ethereum Price Showing Positive Signs

Ethereum price extended its decline below the $240 support level. ETH price traded close to the $235 level before the bulls took a stand. A low is formed near $234 and the price recently recovered sharply.

There was a break above the $240 resistance zone and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $242 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

However, ether price again struggled to gain strength above the $245 resistance. A high is formed near $246 and the price is currently correcting lower. It tested the 23.6% Fib retracement level of the recent wave from the $234 low to $246 high.

The first major support on the downside is near the $242 level and the 100 hourly simple moving average. The next key support is near the $240 level and the 50% Fib retracement level of the recent wave from the $234 low to $246 high.

On the upside, the bulls need to gain strength above the $245 and $250 resistance levels to start a strong increase. The next major barrier could be near the $260 and $262 levels.

Dips Supported in ETH

If Ethereum fails to continue higher above $245, it could react to the downside. The main support is near the $240 level and the 100 hourly simple moving average.

If the price settles below $240, there is a risk of another test of the $230 support. Any further losses could lead the price towards the $220 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $240

Major Resistance Level – $250

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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.

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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Strict editorial policy that focuses on accuracy, relevance, and impartiality
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