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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Consolidates Below $2600: What Could Trigger A Sharp Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is consolidating below $2,600 against the US Dollar. ETH price must clear $2,600 and $2,620 to start a major increase in the near term.

  • Ethereum is still struggling to clear the $2,600 and $2,620 resistance levels.
  • The price is now trading below $2,600 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $2,590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must gain strength above $2,620 to stat a steady increase in the coming sessions.

Ethereum Price Approaches Breakout

Ethereum remained below the key $2,600 and $2,620 resistance levels. However, ETH was also well bid above the $2,500 support level.

The recent high was near $2,595 before the price declined below $2,550. It traded as low as $2,538 and is currently consolidating losses. It is now trading below $2,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,565 level.

The 50% Fib retracement level of the recent decline from the $2,595 swing high to $2,538 low is also near the $2,565 level. Besides, there is a major contracting triangle forming with resistance near $2,590 on the hourly chart of ETH/USD.

An intermediate resistance is near $2,575 and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the recent decline from the $2,595 swing high to $2,538 low.

Ethereum Price

Source: ETHUSD on TradingView.com

Ether price must clear the $2,575 and $2,600 resistance levels to start a steady increase. An immediate barrier could $2,620, above which the bulls might aim a strong increase.

Fresh Decline in ETH?

If ethereum fails to start a fresh increase above the $2,600 level, it could start another decline. An initial support on the downside is near the $2,540 level.

The next major support is near the $2,500 level. A close below the $2,500 support zone could out a lot of pressure on the bulls. The next major support might be near the $2,420 level, below which there is a risk of a move towards the $2,350 level in the coming days.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now just below the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,620

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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

Ad discliamer

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