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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum gained bullish momentum and cleared the $3,000 resistance against the US Dollar. ETH price is rising, but it could face hurdles near the $3,200 level.

  • Ethereum found support and started a strong increase above the $3,000 level.
  • The price is now trading above $3,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $3,010 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate higher, but the $3,200 barrier might prevent additional gains.

Ethereum Price Reclaims $3K

Ethereum formed a base for a fresh increase above the $2,800 resistance zone. ETH was able to surpass many hurdles near the $2,880 and $3,000 levels.

It even settled above the $3,000 resistance and the 100 hourly simple moving average. Recently, there was a break above a key bearish trend line with resistance near $3,010 on the hourly chart of ETH/USD. The pair is now rising and trading above the $3,050 level.

A high is formed near $3,089 and the price might continue to rise. Ether is trading well above the 23.6% Fib retracement level of the upward move from the $2,952 swing low to $3,089 high.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $3,120 level. A clear move above the $3,120 resistance could send the price towards a major hurdle at $3,200. The bears might take a stand near the $3,200 level. If they fail, ether price could perhaps surge towards the $3,420 level in the near term.

Dips Limited in ETH?

If ethereum fails to continue higher above $3,120 or $3,200, it could start a downside correction. An initial support on the downside is near the $3,040 level. The first major support is near the $3,020 level.

It is near the 50% Fib retracement level of the upward move from the $2,952 swing low to $3,089 high. A downside break below the $3,020 level might push the price further lower. The next major support is near the $2,920 level and the 100 hourly SMA, below which there is a risk of a sharp decline. In the stated case, the price might revisit $2,800

Technical Indicators

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

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

Major Support Level – $3,020

Major Resistance Level – $3,200

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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

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