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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Breaking This Single Level Will Spark a Strong Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is still struggling to clear the main $135 resistance area against the US Dollar. ETH price must break the $135 hurdle to start a strong rally in the coming sessions.

  • Ethereum is currently consolidating below the main $135 resistance against the US Dollar.
  • The price is likely to find a decent support near the $130 region.
  • There was a break below a connecting bullish trend line with support near $133 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct a few points towards $130 before it makes another attempt to clear $135.

Ethereum Price Facing Hurdles

Yesterday, there was a decent rise in Ethereum above the $130 resistance area against the US Dollar. ETH price gained pace above the $132 level and the 100 hourly simple moving average.

However, the price struggled to gain strength above the main $135 resistance area. The bulls made more than two attempts to clear the $135 barrier, but they failed. A swing high is formed near $135.40 and the price is currently correcting lower.

There was a break below a connecting bullish trend line with support near $133 on the hourly chart of ETH/USD. Ethereum even traded below the 23.6% Fib retracement level of the upward move from the $124 low to $135 high.

Ethereum Price
Ethereum Price

The price is currently finding bids near the $132 level and the 100 hourly SMA. If there are more downsides, the price could test the $130 support level.

The 50% Fib retracement level of the upward move from the $124 low to $135 high is also near the $130 zone to act as a strong support. Any further losses may perhaps start a substantial decline towards $124.

Chances of a Fresh Rally

If Ethereum remains well bid above the $130 support area, it could make another attempt to clear the key $135 resistance zone.

A successful close above the $135 resistance and a follow through later is likely to spark a solid rally in the coming sessions. The next key resistance is near the $142 level, above which the bulls are likely to aim a test of the $150 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is still near the 50 level, with a positive angle.

Major Support Level – $130

Major Resistance Level – $135

Take advantage of the trading opportunities with Plus500

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.

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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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