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

Ethereum Poised For a Fresh Rally Based On This Bullish Market Structure

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ethereum

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Ethereum is showing positive signs above $225 against the US Dollar. ETH price is likely forming a bullish breakout pattern and it could soon rally above $235-$238.

  • Ethereum is forming a nice bullish formation above the $220 support area against the US Dollar.
  • The price is likely to surge above $230 and $235 to start a fresh rally in the near term.
  • There is a contracting triangle forming with resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is also likely to start a strong rally after the recent rate cut from the fed.

Ethereum Price Could Rally Soon

After testing the $235 resistance, Ethereum started a downside correction against the US Dollar. ETH price corrected below the $232 and $230 support levels.

Besides, there was a break below the 50% Fib retracement level of the recent rise from the $212 low to $235 high. It even spiked below the $225 support and tested the $220 support level, which acted as a strong buy zone.

It seems like the bulls are able to defend the 61.8% Fib retracement level of the recent rise from the $212 low to $235 high. Ethereum is now climbing higher and trading above the $225 level and the 100 hourly simple moving average.

More importantly, there is a contracting triangle forming with resistance near $230 on the hourly chart of ETH/USD. A convincing break above the $230 resistance level could open the doors for a fresh rally.

Ethereum Price
Ethereum Price

The main hurdles are near the $235 level, above which the bulls are likely to aim a test of the $250 and $255 resistance levels in the coming sessions. Any further gains could lead the price towards the $265 resistance zone.

$235 As Key Resistance

If Ethereum fails to surpass the $230 and $235 resistance levels, there is a risk of another bearish reaction. An initial support is near the $225 level, followed by the triangle support.

If the bulls fail to protect the triangle support, it will invalidate the bullish bias and the price might dive below the $220 support level. The next key support is near the $215 level. Any further losses may perhaps lead the price towards the $212 swing low in the near term.

Technical Indicators

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

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

Major Support Level – $225

Major Resistance Level – $235

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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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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
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