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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ
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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

TA: Ethereum Gearing For Another Lift-Off to $2k: Rally Isn’t Over Yet

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Ethereum gained pace above the $1,700 resistance against the US Dollar. ETH is showing positive signs and might even clear the $1,800 resistance.

  • Ethereum started a major increase and settled above the $1,700 level.
  • The price is now trading above $1,700 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,725 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $1,780 to continue higher towards $1,880 in the near term.

Ethereum Price Uptrend Intact

Ethereum remained well bid above the $1,650 level and started a fresh increase. ETH was able to clear the key $1,700 resistance zone and the 100 hourly simple moving average.

There was a clear move above the $1,750 resistance zone. A new multi-week high was formed near $1,788 and the pair is now correcting gains. There was a minor decline below the $1,750 level. Ether price declined below the 23.6% Fib retracement level of the recent increase from the $1,620 swing low to $1,788 high.

The price is now trading above $1,700 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,725 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,750 level. The next major resistance is near the $1,780 level. A clear break above $1,780 might send the price towards the $1,820 level. Any more gains may perhaps open the doors for a move towards the $1,880 resistance in the near term. If the bulls remain in action, the price could pump towards the $2,000 level.

Dips Supported in ETH?

If ethereum fails to rise above the $1,780 resistance, it could start a downside correction. An initial support on the downside is near the $1,720 zone.

The next major support is near $1,700. It is near the 50% Fib retracement level of the recent increase from the $1,620 swing low to $1,788 high. A downside break below the $1,700 support might spark more losses. In the stated case, ether price might drop towards the $1,650 level.

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 now below the 50 level.

Major Support Level – $1,700

Major Resistance Level – $1,780

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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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