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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

TA: Why Ethereum Bulls Aim Fresh Rally Above $4K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is holding gains above the $3,800 level against the US Dollar. ETH price is struggling near $3,880, but it could accelerate higher unless the bulls fail to protect $3,680.

  • Ethereum started another decline from the $3,880 resistance zone.
  • The price is trading above $3,800 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $3,880 zone to start a fresh increase in the near term

Ethereum Price Remains Supported

Ethereum made another attempt to gain strength above the $3,850 level. ETH spiked above $3,880, but there was no upside continuation. A high was formed near $3,891 before there was a downside correction.

The price declined below the $3,850 and $3,820 levels. Besides, there was a break below the 50% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. However, the bulls were active near the $3,750 zone and the 100 hourly simple moving average.

It found support near the 61.8% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. There is also a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

Ether price is now trading above $3,800 and the 100 hourly simple moving average. An immediate resistance is near the $3,850 level. The next major resistance is near the $3,880 level. A clear upside break above the $3,880 level could pump the price towards $4,000. Any more gains could send the price towards the $4,120 level. The next main resistance is near the $4,250 level.

Downside Break in ETH?

If ethereum fails to start a fresh increase above the $3,850 level, it could continue to move down. An initial support on the downside is near the $3,800 level.

The first key support is now forming near the $3,740 level. A downside break below the $3,740 level might lead the price towards the key $3,680 support in the near term. The next major support is near the $3,600 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.

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

Major Support Level – $3,740

Major Resistance Level – $3,850

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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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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.

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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

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

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