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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

TA: Ethereum Climbs to $2,800, Why Dips Could Be Attractive

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum rallied above $2,700 against the US Dollar. ETH price is now consolidating near $2,800 and might start a short-term downside correction.

  • Ethereum started a fresh increase above the $2,700 resistance level.
  • The price is now trading above $2,700 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $2,720 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is consolidating above $2,750 and might correct lower in the near term.

Ethereum Price Extend Gains

Ethereum remained well bid above the $2,600 support zone. A low was formed near $2,590, and ETH started a fresh increase above the key $2,650 and $2,680 resistance levels. The price even cleared the $2,700 level.

Finally, there was a move above the $2,750 level and a close above the 100 hourly simple moving average. A high is formed near $2,791 and the price is now consolidating gains. It is trading nicely above the 23.6% Fib retracement level of the upward move from the $2,634 swing low to $2,791 high.

There is also a key bullish trend line forming with support near $2,720 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $2,780 level. The first major resistance is near the $2,800 level.

Ethereum Price

Source: ETHUSD on TradingView.com

Ether price must clear the $2,780 and $2,800 resistance levels to start another increase. In the stated case, the price may perhaps rise towards the $2,880 level. Any more gains might call for a move towards the main $3,000 resistance zone in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $2,800 level, it could start a short-term downside correction. An initial support on the downside is near the $2,750 level.

The next major support is near the $2,720 level and the trend line. The main support is now near the $2,700 level. It is near the 50% Fib retracement level of the upward move from the $2,634 swing low to $2,791 high. A downside break below the $2,700 support zone might start a fresh decline towards the $2,600 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 – $2,600

Major Resistance Level – $2,700

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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

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