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

Ethereum Might Not Go Down Quietly: Risk of Bullish Break Grows Above $240

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum

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Ethereum is stable above the $230 and $225 support levels against the US Dollar. ETH price seems to be eyeing a major bullish break above $238 and $240.

  • Ethereum is currently attempting an upside break above $234 and the 100 hourly simple moving average.
  • The price is likely to remain well bid above the $230 and $225 support levels.
  • There is a key bullish flag pattern forming with resistance near $234 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady rise if it clears the $238 and $240 resistance levels.

Ethereum Price Holding Key Supports

After a failed attempt to clear the $238 resistance, Ethereum price extended its decline against the US Dollar. ETH broke the $232 and $230 support levels, and settled below the 100 hourly simple moving average.

There was a break below the 23.6% Fib retracement level of the upward move from the $218 low to $237 high. However, the decline was protected by the $228 support zone.

A low was formed near $228 and it seems like the 50% Fib retracement level of the upward move from the $218 low to $237 high acted as a strong support. Ether price is currently rising and trading above $230.

Ethereum Price
Ethereum Price Testing $235: Source: TradingView.com

It is currently attempting an upside break above $234 and the 100 hourly simple moving average. There is also a key bullish flag pattern forming with resistance near $234 on the hourly chart of ETH/USD. An upside break above the channel resistance at $234 and a close above the 100 hourly simple moving average could open the doors for a test of $238 or $240.

To continue higher, the price must settle above the $240 resistance. In this scenario, the price could continue higher towards the $250 and $255 levels.

Fresh Bearish Wave in ETH?

If Ethereum continues to struggle near the $238 resistance or $240, it could decline again. An initial support is near the $230 level. The main support is now near the $225 level.

A clear break below the $225 support may perhaps decrease the chances of a bullish break above $240 in the coming sessions. The next support is at $218, followed by $215.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now just above the 50 level, with a bullish angle.

Major Support Level – $230

Major Resistance Level – $238

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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

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