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Decision Time for Ethereum: Technicals Suggest a Crucial Breakout Pattern

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is slowly moving into a positive zone above the $350 resistance against the US Dollar. ETH price must break the $362 and $365 resistance levels to continue higher.

  • Ethereum traded above the $350 and $355 resistance levels to move into a positive zone.
  • The price seems to be forming a support base above $350 and the 100 hourly simple moving average.
  • There is a key ascending channel forming with support near $352 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher if it clears the $362 and $365 resistance levels.

Ethereum Price is Showing Positive Signs

After surpassing the $335 hurdle, Ethereum extended its rise above the $350 resistance. ETH price even settled above the $350 resistance zone and the 100 hourly simple moving average to move into a positive zone.

There was a spike above the $360 level, but it seems like ether is facing hurdles near $362 and $365. Recently, there was a downside correction, but the price remained stable near $350. A swing low is formed near $348 and the recent high was near $360.

An initial support on the downside is near the $358 level or the 23.6% Fib retracement level of the recent rise from the $348 swing low to $360 high. It seems like there is a key ascending channel forming with support near $352 on the hourly chart of ETH/USD.

Ethereum

Ethereum price settles above $350. Source: TradingView.com

The channel support is close to the 50% Fib retracement level of the recent rise from the $348 swing low to $360 high. A breakout pattern seems to be forming with resistance near $362.

A clear break above the $362 and $365 resistance levels may perhaps open the doors for a larger increase. The next key resistance is near the $375 level, above which the bulls are likely to aim a test of the $400 resistance.

Downside Break in ETH?

If Ethereum fails to clear the $362 and $365 resistance levels, there is a risk of a downside break. The first key support is near the channel support and $352.

The main support is forming near the $350 level and the 100 hourly SMA. A successful close below the $350 support zone could open the doors for a larger decline towards the $335 support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a positive angle.

Major Support Level – $350

Major Resistance Level – $362

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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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