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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Why Ethereum (ETH) Bulls Keeps Pushing, Why Rally Isn’t Over Yet

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is holding gains above the $3,200 resistance zone against the US Dollar. ETH price remains attractive and it might continue to rise towards the $3,350 resistance.

  • Ethereum is trading nicely above the $3,100 and $3,150 support levels.
  • The price is now trading above $3,200 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is consolidating and it is likely to extend gains above the $3,250 level.

Ethereum Price Could Extend Gains

Ethereum climbed higher steadily above the $3,150 resistance zone. ETH price even broke the $3,200 resistance zone and it settled nicely above the 100 hourly simple moving average.

A new multi-week high is formed near $3,278 and the price is now correcting gains. It declined below the $3,240 support level. There was a break below the 23.6% Fib retracement level of the recent wave from the $3,052 swing low to $3,278 high.

However, ether price remained well bid above the $3,150 support. It also found support near the 50% Fib retracement level of the recent wave from the $3,052 swing low to $3,278 high.

There is also a key bullish trend line forming with support near $3,110 on the hourly chart of ETH/USD. On the upside, an immediate resistance is near the $3,250 level. The next key resistance is near the $3,275 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear break and close above the $3,250 and $3,275 resistance levels might spark an upside continuation. The next key resistance might be near the $3,350 level, above which the price might rise towards the $3,500 resistance zone.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,250 and $3,275 resistance levels, it could start a downside correction. An immediate support on the downside is near the $3,180 level.

The first key support is near the $3,165 level. The main support is now forming near $3,110, the trend line, and the 100 hourly SMA. A downside break below the trend line support might push the price towards the $3,060 support. Any more losses could lead the price towards the $3,000 support zone.

Technical Indicators

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

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

Major Support Level – $3,100

Major Resistance Level – $3,275

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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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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

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