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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

TA: Ethereum Rockets to $1,700 as Bulls Take Over Crypto Market

Aayush Jindal
Aayush Jindal
2 years ago
2 mins read
Ethereum

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Ethereum gained pace above the $1,600 resistance against the US Dollar. ETH is showing positive signs and might even clear the $1,700 resistance.

  • Ethereum started a major increase and settled above the $1,600 level.
  • The price is now trading above $1,650 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $1,700 to continue higher towards $1,735 in the near term.

Ethereum Price Gains Momentum

Ethereum formed a base and started a major increase above $1,600. ETH was able to clear the key $1,620 resistance zone and the 100 hourly simple moving average.

There was a clear move above the 76.4% Fib retracement level of the main decline from the $1,685 swing high to $1,490 low. Besides, there was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USD.

Ether price is now trading above $1,650 and the 100 hourly simple moving average. It is also testing the $1,700 resistance zone.

If the bulls remain in action, there could be more upsides above $1,700. An immediate resistance on the upside is near the $1,735 level. It is near the 1.236 Fib extension level of the main decline from the $1,685 swing high to $1,490 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,775 level. Any more gains may perhaps open the doors for a move towards the $1,800 resistance in the near term. If the bulls remain in action, the price could pump towards the $1,880 level.

Dips Supported in ETH?

If ethereum fails to rise above the $1,735 resistance, it could start a downside correction. An initial support on the downside is near the $1,660 zone.

The next major support is near $1,640. The main support is now forming near the $1,600 level and the 100 hourly simple moving average. A downside break below the $1,600 support might start a fresh decline. In the stated case, ether price might drop towards the $1,550 level.

Technical Indicators

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

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

Major Support Level – $1,600

Major Resistance Level – $1,735

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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
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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