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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

TA: Ethereum Approaches Next Major Break, $3K Is The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum recovered nicely above the $2,750 resistance zone against the US Dollar. However, ETH price must clear $3,000 for a steady increase in the coming sessions.

  • Ethereum is up over 15% and it cleared the $2,750 resistance zone.
  • The price is still well below the $3,000 level and the 100 hourly simple moving average.
  • There is a crucial contracting triangle forming with resistance near $2,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $2,880 and $3,000 to move back into a positive zone in the near term.

Ethereum Price is Facing a Key Hurdle

Ethereum started a decent recovery wave and it climbed above the $2,500 barrier. ETH even surpassed the $2,650 resistance zone to move into a short-term positive zone, similar to bitcoin.

The price even cleared the $2,850 resistance. However, the bulls are facing a major resistance near the $3,000 level and the 100 hourly simple moving average. The recent high was near $3,006 and the price is now consolidating gains.

It is still well below the $3,000 level and the 100 hourly simple moving average. There was a break below the 23.6% Fib retracement level of the upward move from the $2,158 swing low to $3,006 high.

Ethereum Price

Source: ETHUSD on TradingView.com

It seems like there is a crucial contracting triangle forming with resistance near $2,880 on the hourly chart of ETH/USD. A successful break above the triangle resistance and $2,900 could spark a bullish wave. In the stated case, there are chances that ether price could even surpass the $3,000 level and the 100 hourly SMA.

The next major resistance is near the $3,300 level. Any more gains could lead the price towards the $3,500 level.

Fresh Decline in ETH?

If Ethereum fails to continue higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level and the triangle trend line.

The first key support is near the $2,580 level. The 50% Fib retracement level of the upward move from the $2,158 swing low to $3,006 high is also near the $2,580 level. Any more losses could trigger a larger decline in the coming sessions.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.

Major Support Level – $2,580

Major Resistance Level – $2,880

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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

Ad discliamer

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