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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Ethereum (ETH) Price Struggling Below $320: Range Moves Before Higher?

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

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  • ETH price climbed sharply above $300, but it struggled to clear the $315-320 resistance against the US Dollar.
  • The price corrected lower, declined below the $300 level, and found support near the $295 level.
  • There was a break below a major bullish trend line with support near $310 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting higher, but there are chances of more ranges moves below $320.

Ethereum price is currently consolidating gains in a broad range versus the US Dollar, just like bitcoin. ETH price must stay above $295 and $290 to climb higher once again.

Ethereum Price Analysis

This past week, we saw solid gains in bitcoin and Ethereum above $300 and $10,000 respectively against the US Dollar. The ETH/USD pair gained momentum above the $305 and $310 levels. There was even a close above the $300 level and the 100 hourly simple moving average. The price traded close to the $320 level and a swing high was formed near $318.

It seems like the price struggled to continue above the $315-320 resistance area. As a result, there was a downside correction below the $310 level. There was a break below a major bullish trend line with support near $310 on the hourly chart of ETH/USD. Ethereum price even declined below the $300 support levels. However, the 100 hourly SMA acted as a strong support near the $295 level.

A swing low is formed at $295 and the price is currently moving higher. It is trading above the 23.6% Fib retracement level of the downward move from the $318 high to $295 swing low. On the upside, there are a few hurdles for the bulls near $306 and $310. The 50% Fib retracement level of the downward move from the $318 high to $295 swing low is near the $306 level to prevent upsides.

Moreover, the main resistance is near the $310 level. Therefore, ETH must climb above the $310 level to start a fresh increase. The next key resistances are near $315 and $320, above which the price may perhaps accelerate higher.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is facing a lot of resistance below $310. Therefore, there are chances of range moves before the next move (probably above $310 and $315). On the downside, the main support is near the $295 level and the 100 hourly SMA, followed by $290.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining strength in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 level, with a few positive signs.

Major Support Level – $295

Major Resistance Level – $310

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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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