Ethereum Smashes $325: Price & Time Indicate Rally To $350

Aayush Jindal

1 year ago

2 mins read

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Ethereum is up over 8% and it broke the $325 resistance zone against the US Dollar. ETH price tested the $330 level and it is likely to continue higher towards $350.

Ethereum is surging and it is now trading well above the $300 handle.
The price traded to a new monthly high at $300 and it is currently correcting lower.
There is a major ascending channel forming with support near $318 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher above $330 as long as it is above the $300 handle.

Ethereum Price Surges 8%

In the past few days, there was a strong increase in Ethereum above the $280 resistance against the US Dollar. ETH price even settled above the $300 resistance and the 100 hourly simple moving average.

The bulls remained in action, resulting in a push above the $320 and $325 resistance levels. The price traded to a new monthly high at $300 and it is currently correcting lower. An initial support is near the 23.6% Fib retracement level of the recent rise from the $301 swing low to $330 high.

The first major support is near the $320 level. There is also a major ascending channel forming with support near $318 on the hourly chart of ETH/USD.

If ether price breaks the channel support, it could decline towards the $315 support zone. It is close to the 50% Fib retracement level of the recent rise from the $301 swing low to $330 high. The next major support is near the $312 level.

On the upside, the price is facing a short-term hurdle near the $330 level. A successful break above the $330 resistance could open the doors for a push towards the $345 and $350 resistance levels.

Dips Likely to be Limited in ETH

On the downside, the channel support and $315 are likely to prevent a major bearish move. If the price breaks the $315 support, it might extend its decline.

The next major support is near the $300 level (the pivot zone), below which the price is likely to test the 100 hourly simple moving average at $290.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.

Major Support Level – $320

Major Resistance Level – $330

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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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