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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

TA: Ethereum Recovery Runs Into Resistance, Why Dips Could be Limited

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum found a strong support near the $2,300 zone against the US Dollar. ETH price is rising and might rally if it clears the $2,750 resistance zone.

  • Ethereum started a major recovery wave from the $2,300 support zone.
  • The price is now trading above $2,500 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if there is a clear move above the $2,750 resistance zone.

Ethereum Price Starts Fresh Increase

Ethereum declined heavily below the $2,600 and $2,500 support levels. ETH even declined below $2,400 and tested the $2,300 zone, where the bulls appeared.

A low was formed near $2,302 and the price started a strong increase. There was a clear move above the $2,500 resistance level. Ether price even climbed above the $2,600 level and the 100 hourly simple moving average. It even spiked above the $2,700 level, but there was no break above the $2,750 resistance.

A high is formed near $2,733 and the price is now consolidating gains. It corrected lower below the 23.6% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high.

However, it is trading above $2,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD. The first major resistance is seen near the $2,680 and $2,700 levels.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance is now forming near the $2,750 level. A clear move above the $2,750 might start a steady increase. In the stated case, the price might even rise towards the $2,920 level.

Fresh Decline in ETH?

If ethereum fails to continue higher above the $2,750 resistance, it could start a downside correction. An initial support on the downside is near the $2,600 level.

The next major support is near the $2,500 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high. A downside break below the $2,500 support could push the price towards the $2,400 support level.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is still above the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,750

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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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