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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?

Ethereum Price Corrects But This Level Could Trigger Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price

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Ethereum started a downside correction from $1,600 against the US Dollar. ETH could start a fresh increase if it stays above the $1,450 support.

  • Ethereum is correcting gains from the $1,580 and $1,600 resistance levels.
  • The price is now trading above $1,450 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it stays above the $1,450 support zone.

Ethereum Price Remains Supported

Ethereum started a decent increase above the $1,450 and $1,500 resistance levels. ETH even cleared the $1,550 level and settled above the 100 hourly simple moving average.

The price traded close to the $1,600 resistance zone. A high was formed near $1,593 before there was a downside correction. There was a drop below the $1,550 level. Ether price even declined below the 23.6% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high.

It is now trading above $1,450 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,540 level and the trend line zone. The first major resistance is near the $1,550 and $1,560 levels, above which the price could gain bullish momentum. The main barrier is now near the $1,600 zone.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear upside break above the $1,600 resistance zone could set the pace for a fresh rally. In the stated case, the price might rise towards the $1,720 level.

Dips Supported in ETH?

If ethereum fails to climb above the $1,550 resistance, it could continue to move down. An initial support on the downside is near the $1,465 level and the 100 hourly simple moving average.

The 50% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high is also near $1,450. A downside break below the $1,450 zone might increase selling pressure and the price might drop to $1,400 in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

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

Major Support Level – $1,450

Major Resistance Level – $1,550

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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

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