Ethereum Breaks Crucial Resistance, Technical Suggest More Upsides Above $400

Aayush Jindal

1 year ago

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum is up over 5% and it broke the key $370 and $380 resistance levels against the US Dollar. ETH price could continue to rise towards $400 or $420 as long as it is above $370.

ETH price is gaining momentum above the $360 and $370 resistance levels against the US Dollar.
The price is now trading nicely above $375 and the 100 simple moving average (4-hours).
There is a crucial rising channel forming with support near $350 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher towards $400 or $420 as long as the channel support is intact.

Ethereum Price Turns Positive

This past week, Ethereum managed to recover above the $350 resistance to move into a positive zone against the US Dollar. ETH price gained bullish momentum and surpassed the $360 resistance level.

The price gained pace after it broke the 23.6% Fib retracement level of the downward move from the $490 swing high to $310 low. Ether price is now trading nicely above $375 and the 100 simple moving average (4-hours).

It seems like there is a crucial rising channel forming with support near $350 on the 4-hours chart of ETH/USD. On the upside, an initial resistance is near the channel resistance at $395. The first major resistance for the bulls is near the $400 level.

The 50% Fib retracement level of the downward move from the $490 swing high to $310 low is also near the $400 level to act as a hurdle for the bulls. To move into a positive zone, ether must climb above the $400 resistance.

The next major resistance is near the $420 level, above which the bulls are likely to aim a test of the $500 handle in the coming days.

Downsides Supported in Ether (ETH)?

If Ethereum fails to clear the $400 resistance zone, it might start a downside correction. An initial support is near the $375 level or the 100 simple moving average (4-hours).

The next major support is near the $360 level or the channel lower trend line at $350. A successful daily close below the $350 support could start another slide towards the $310 support zone.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

4 hours RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $350

Major Resistance Level – $400

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.
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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.