TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

Aayush Jindal

1 year ago

2 mins read

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Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300.

Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels.
The price is now trading above $2,100 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken).
The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone.

Ethereum Price Is Showing Positive Signs

After forming a base above $2,000, ethereum started a steady increase. ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average.

The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin. A high is formed near $2,285 and ether is now correcting lower. There was a break below the $2,250 and $2,240 levels.

The price is now testing the 50% Fib retracement level of the upward move from the $2,094 swing low to $2,285 high. The next major support is near the $2,165 level.

Source: ETHUSD on TradingView.com

There is also a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD. The trend line is close to the 76.4% key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD. Any more losses might call for a test of the second trend line at $2,070.

More Upsides in ETH?

If Ethereum stays above the $2,150 support zone, there are high chances of a fresh increase. An immediate resistance on the upside is near the $2,250 level.

The main breakout resistance is now forming near the $2,285 and $2,300 levels. A close above the $2,300 level could start a major increase towards the $2,500 level or even $2,550 in the near term

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 above the 50 level.

Major Support Level – $2,150

Major Resistance Level – $2,300

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.

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.
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