Ethereum Price Technical Analysis – Major Break Looming

Aayush Jindal

7 years ago

2 mins read

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Key Highlights

Ethereum price is trading near a crucial area, and both buyers and sellers must be very careful moving ahead.
There is a contracting triangle pattern forming on the 4-hours chart (data feed via Kraken), which may ignite a lot of moves in the near term.
A break below the triangle support area may call for a change in the trend for Ethereum price.

Ethereum price traded higher during the past couple of days. However, it is now trading near a major breakout zone at $6.60-65.

Ethereum Price – Watch Out For a Break

Ethereum price after correcting lower traded back higher this past week, and currently trading near the last swing high of $6.60-65. It represents a major resistance area, and acted as a barrier for buyers on many times. A contracting triangle pattern is forming on the 4-hours chart (data feed via Kraken), which can be seen as a formation for the next move.

A break above the $6.65 level may call for more gains in the near term. The price could even head towards $7.0 in that situation. On the downside, a break below the triangle support trend line may take the price towards the 100 simple moving average (4-hours, data feed via Kraken). An initial support a bullish trend line formed via connecting swing lows. A break below it might call for a test of the 23.6% Fib retracement level of the last wave from the $3.30 low to $6.62 high.

However, the most important support is around the 100 MA, which is just below the 38.2% Fib retracement level of the last wave from the $3.30 low to $6.62 high.

4-hours MACD – The MACD may change the slope to the bullish zone, which is a warning to sellers.

4-hours RSI – The RSI is above the 50 level, calling for a bullish break in the short term.

Intraday Support Level – $5.80

Intraday Resistance Level – $6.65

Charts courtesy of Kraken via Trading View

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.

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.
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