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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

TA: Ethereum Forms Bullish Technical Pattern, Why Close Above $1,850 Is Critical

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum

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Ethereum is holding gains above $1,750 against the US Dollar. ETH price is likely setting up for a crucial upside break above the $1,850 and $1,880 resistance levels.

  • Ethereum is showing a few positive signs and it is trading nicely above $1,750.
  • The price is now well above $1,750 and the 100 hourly simple moving average.
  • There is a crucial breakout pattern forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to start a strong rally if there is a close above the $1,850 resistance.

Ethereum Price is Showing Positive Signs

Ethereum corrected further lower below the $1,750 support zone, whereas bitcoin extended its rise. However, ETH remained well bid above $1,720 and $1,700 levels.

A low is formed near $1,724 and the price is currently rising steadily. There was a fresh move above the $1,800 resistance level. A high is formed near $1,845 and the price is currently consolidating gains. It corrected lower below the 23.6% Fib retracement level of the upward move from the $1,724 swing low to $1,845 high.

Ether is now well above $1,750 and the 100 hourly simple moving average.  An initial support is near the $1,785 level. It is close to the 50% Fib retracement level of the upward move from the $1,724 swing low to $1,845 high.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a crucial breakout pattern forming with resistance near $1,840 on the hourly chart of ETH/USD. If ether price clears the triangle resistance and $1,850, there could be a strong increase. In the stated case, the price could rise towards the $1,900 and $1,920 resistance levels. The next major stop for the bulls could be $2,000.

Downside Break in ETH?

If Ethereum fails to continue higher above the $1,840 and $1,850 resistance levels, it could correct further lower. The first key support is near the $1,785 level.

The main support is now forming near the $1,750 level and the triangle lower trend line. If there is a downside break below the $1,750 support, ether price might decline towards the $1,725 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

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

Major Support Level – $1,750

Major Resistance Level – $1,850

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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.

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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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