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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

TA: Why Ethereum Is Attractive On Dips Despite Slow Rise Towards $2K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum traded to yet another all-time high at $1,950 against the US Dollar. ETH price is correcting gains, but it is likely to remain strong above $1,900 and $1,880.

  • Ethereum is following a bullish path and it climbed to a new all-time high at $1,950.
  • The price is now trading well above $1,900 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip further, but the bulls are likely to remain active near $1,880.

Ethereum Price Remains In Uptrend

Ethereum remained well bid above $1,850 and it extended its upward move. The price gained momentum above the $1,900 level and it even surpassed $1,920.

It traded to a new all-time high at $1,950, but there was no test of the $2,000 level. The price is currently correcting lower and trading below $1,920. It is testing the $1,910 support and the 23.6% Fib retracement level of the recent increase from the $1,734 swing low to $1,950 high.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key rising channel forming with support near $1,910 on the hourly chart of ETH/USD. On the upside, ether is facing resistance near the $1,950 level. The next hurdle could be $1,960 and the channel upper trend line.

A clear break above the channel resistance could open the doors for a push towards the $1,980 level. The main target for the bulls is still near the $2,000 level.

Dips Supported in ETH?

If Ethereum fails to extend its rise above the $1,950 level, there could continue to move down. The first major support is near the $1,910 level and the channel trend line. The next key support is near the $1,880 level.

Any more losses might lead the price towards the $1,850 support zone. It is close to the 50% Fib retracement level of the recent increase from the $1,734 swing low to $1,950 high. The 100 hourly simple moving average is also near the $1,850 zone. A downside break below the $1,850 support might call for a drop towards the $1,780 level.

Technical Indicators

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

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

Major Support Level – $1,880

Major Resistance Level – $1,950

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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