TA: Ethereum Looks Ready For Another Leg Higher Unless It Dives Below $365

Aayush Jindal

1 year ago

2 mins read

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.

Ethereum failed to clear the $388 resistance zone against the US Dollar. ETH price is currently holding the $365 support and it could resume its upward move.

Ethereum corrected lower below the $380 and $375 support levels.
The price is currently just above the 100 hourly simple moving average, and well above $365.
There was a break below a short-term rising channel with support near $378 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless it dives below the $370 and $365 support levels.

Ethereum Price Holding Gains

There was another attempt by Ethereum to surpass the $385 and $388 resistance levels, but it failed to gain momentum. ETH price traded as high as $388 and recently declined below the $380 support.

There was also a break below a short-term rising channel with support near $378 on the hourly chart of ETH/USD. Ether price spiked below the $375 level and the 100 hourly simple moving average. It traded as low as $373 and it is currently recovering higher.

There was a test of the 50% Fib retracement level of the recent decline from the $388 high to $373 low. It seems like the price is facing hurdles near the $380 level.

Source: ETHUSD on TradingView.com

The next key resistance is near the $382 level since it is close to the 61.8% Fib retracement level of the recent decline from the $388 high to $373 low. A successful break above the $382 level might increase the chances of a break above the $388 resistance in the near term.

In the stated case, ether buyers are likely to aim a break above the $395 monthly high. An immediate hurdle above the $395 resistance is near $400.

Key Breakdown Support in ETH

Ethereum is holding a couple of important supports near the $373 and $372 levels. If there is a downside break below the $373 low, the price might even decline below $370.

The main breakdown support is near the $365 level, below which the price is likely to continue lower towards the $355 and $350 levels in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSI – The RSI for ETH/USD is rising and approaching the 50 level.

Major Support Level – $373

Major Resistance Level – $388

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.
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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.