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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

TA: Ethereum Won’t Go Down Quietly: Risk of Bounce Grows

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is forming a base near the $3,660 zone against the US Dollar. ETH price is correcting higher, but a move above $3,920 is needed for upside continuation.

  • Ethereum is forming a base near the $3,660 and $3,700 support levels.
  • The price is still trading below $4,000 and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $3,920 resistance zone and the 100 hourly SMA.

Ethereum Price Forms Base

Ethereum extended decline below the $3,800 level. ETH formed a base near the $3,660 and $3,700 levels, and recently started an upside correction.

There was a move above the $3,800 level. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,175 swing high to $3,665 low. Besides, there was a break above a connecting bearish trend line with resistance near $3,800 on the hourly chart of ETH/USD.

Ether price is now facing resistance near the $3,880 zone. The next major resistance is near the $3,920 level. It is close to the 50% Fib retracement level of the recent drop from the $4,175 swing high to $3,665 low. A clear move above the $3,920 level could stage a steady upward move.

Ethereum Price

Source: ETHUSD on TradingView.com

The next stop for the bulls could be $4,000. A close above the $4,000 level may possibly spark a strong rally in the coming sessions. In the stated case, it could even rise towards the $4,250 level.

Fresh Decline in ETH?

If ethereum fails to start a fresh increase above the $3,920 level, it could start a fresh decline. An initial support on the downside is near the $3,820 level.

The key support is now forming near the $3,720 level. If there is a clear break below the $3,720 support, the price could extend losses. The next major support is $3,660, below which the bears are likely to aim a test of $3,500. Any more losses might lead the price towards the $3,320 level.

Technical Indicators

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

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

Major Support Level – $3,720

Major Resistance Level – $3,920

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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