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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Ethereum (ETH) Reversal On Cards, Bitcoin Pump Warning Went Well

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum bitcoin

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  • Ethereum is up more than 8% from the recent low of $115 against the US Dollar.
  • The price is showing signs of a trend reversal, but it must surpass $135.
  • Earlier, there was a break above a connecting bearish trend line with resistance near $122 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin rallied more than 10% and reversed most its losses from well above $7,000.

Ethereum price is moving into the positive zone versus the US Dollar, while bitcoin already reclaimed $7,000. ETH price is likely to grind higher towards $135, $140 and $144.

Ethereum Price Analysis

After a massive drop, Ethereum extended its decline below the $120 support against the US Dollar. ETH price tested the $115 zone and formed a new multi-month low.

However, the bulls took a strong stand near $115, resulting in a sharp pullback above $120. Moreover, bitcoin price jumped more than 10% and rallied above $7,000 (as warned in yesterday’s analysis – Bitcoin (BTC) Bears Remain in Driver’s Seat but Bulls Not Done Yet).

Ethereum price recovered nicely above the $120 and $125 resistance levels. Besides, there was a break above a connecting bearish trend line with resistance near $122 on the hourly chart of ETH/USD.

It opened the doors for more gains above the $130 resistance area. The price seems to be back in a positive zone, but it struggled to clear the $135 resistance and the 100 hourly simple moving average.

A swing high is formed near $135 and the price is currently correcting lower. It is trading below the 23.6% Fib retracement level of the recent rally from the $115 low to $135 high.

On the downside, there are key supports forming near the $126 and $125 levels. Additionally, the 50% Fib retracement level of the recent rally from the $115 low to $135 high is near the $125 level.

Therefore, Ethereum is likely to find buyers near the $125 zone. If there is a fresh decline below $125, the price could move back into a negative zone in the near term.

Conversely, the price might continue to rise above the $130 and $135 levels. The next target for the bulls could be $140 and $144.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is showing signs of an important reversal above $125. More importantly, bitcoin is already up 10% and now moving nicely above the $7,000 level.

ETH Technical Indicators

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

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

Major Support Level – $125

Major Resistance Level – $135

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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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