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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Smashes Key Resistance: Technicals Indicate Fresh Rally To $288

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum ETH

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Ethereum remained well bid above the $240 support area against the US Dollar. ETH price started a fresh increase and it could soon revisit the $288-$289 resistance zone.

  • Ethereum is recovering losses and it recently climbed above the $265 resistance against the US Dollar.
  • The price is gaining pace and it could rise further above $270 and $275.
  • Yesterday’s highlighted key bearish trend line was breached with resistance near $262 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is slowly recovering and it could test the $9,800 and $10,000 resistance levels.

Ethereum Price Rising Again

Recently, we saw a strong downside correction in Ethereum below the $260 support against the US Dollar. ETH price even declined below the $250 support and the 100 hourly simple moving average.

Finally, it traded close to the $235 support area and a swing low was formed near $236. A support base is formed above $240 and the price is currently rising. It broke a few key hurdles near the $250 and $255 levels.

More importantly, yesterday’s highlighted key bearish trend line was breached with resistance near $262 on the hourly chart of ETH/USD. The pair gained traction above the 50% Fib retracement level of the downside correction from the $289 high to $236 low.

Ethereum Price
Ethereum Price

Additionally, the price settled above the $260 level and the 100 hourly simple moving average. Ethereum is now consolidating near the 61.8% Fib retracement level of the downside correction from the $289 high to $236 low.

It seems like the bulls are preparing for a push above the $272 and $275 resistance levels. In the mentioned case, the price is likely to rise strongly towards the $280 and $285 levels.

The main hurdle on the upside is near the $288-$289 area, above which there are chances of a strong rise towards the $300 and $305 levels in the near term.

Dips Remain Supported

If the price fails to continue above the $275 resistance, it could correct a few points. An initial support is near the $264 level and the 100 hourly SMA.

Therefore, if Ethereum fails to stay above the 100 hourly SMA, the bulls are likely to struggle to protect the $260 support. In the mentioned case, the price may perhaps correct towards the $255 support area.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 50 level.

Major Support Level – $262

Major Resistance Level – $275

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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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