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TA: Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum extended its rally and it traded to a new all-time high near $2,800 against the US Dollar. ETH price is correcting gains, but dips are likely to be supported near $2,650.

  • Ethereum remained well bid and it even climbed towards the $2,800 level.
  • The price is now trading well above $2,700 and the 100 hourly simple moving average.
  • There is a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to appear near $2,650 and $2,620.

Ethereum Price Remains In Uptrend

Ethereum remained well bid above the $2,650 support level, unlike bitcoin. ETH extended its rise above the $2,750 high and it settled nicely above the 100 hourly simple moving average.

It traded to a new all-time high at $2,800 before it started a downside correction. There was a break below the $2,780 and $2,750 levels. Ether is now trading below the 23.6% Fib retracement level of the upward move from the $2,560 swing low to $2,800 high.

It is still trading well above $2,700 and the 100 hourly simple moving average. There is also a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key support is near the $2,680 level. It is near the 50% Fib retracement level of the upward move from the $2,560 swing low to $2,800 high. Any more losses could lead the price towards the $2,650 support level and the 100 hourly simple moving average.

If ether fails to stay above the $2,650 support level and the 100 hourly simple moving average, it could dive towards the $2,580 level.

Fresh Increase in ETH?

If Ethereum remains stable above the channel support and $2,650, it could start a fresh increase. An initial resistance on the upside is near the $2,780 level.

The first major resistance is near the $2,800 level. A clear upside break above the $2,800 level and the channel upper trend line could set the pace for a sharp increase towards the $3,000 resistance zone in the next few sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

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

Major Support Level – $2,700

Major Resistance Level – $2,800

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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

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