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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ethereum Rallies Into Resistance: Here’s Why Bulls Are Comfortable

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum rallied more than 5% and it broke the key $370 resistance against the US Dollar. ETH price is struggling to clear the $390 resistance and it is currently correcting lower.

  • Ethereum started a strong increase after forming a key double bottom pattern near $355.
  • The price is up over 5% and it surpassed the $370 barrier and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to remain well supported near the $370 support and the 100 hourly SMA.

Ethereum Price Turns Green

Yesterday, we discussed a possible double bottom pattern for Ethereum near $355. ETH price did follow a bullish path and broke a couple of important resistances near the $370 level.

There was also a close above the $370 level and the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD.

Ether price is up over 5% and it tested the next important resistance near the $385 zone. A high is formed near $385 and the price is currently correcting lower. It broke the $380 level and the 23.6% Fib retracement level of the upward move from the $355 low to $385 high.

On the downside, the price is likely to find a strong support near the broken trend line and $370. The 50% Fib retracement level of the upward move from the $355 low to $385 high is also active near $370 along with the 100 hourly simple moving average.

Ethereum Price

Ethereum price trades above $370. Source: TradingView.com

If ether stays above the $370 support and the 100 hourly simple moving average, there are chances of a fresh increase. An initial resistance is near the $385 level. The first major resistance is near the $390 level.

A successful close above the $390 resistance might start a steady rise towards the $400 barrier. Any further gains could lead the price towards the $420 resistance in the near term.

Fresh Decline in ETH?

If Ethereum fails to clear the $385 and $390 resistance levels, there is a risk of a downside break. The main support is near the $370 level and the 100 hourly SMA.

A proper break below the $370 support zone could put a lot of pressure on the bulls and the price might decline towards the next major support at $355.

Technical Indicators

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

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

Major Support Level – $370

Major Resistance Level – $390

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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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