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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Uptrend Is Intact For This Reason: More Upsides Likely

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

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Ethereum started a steady increase above the $260 and $265 resistance levels against the US Dollar. ETH price is currently retreating from $278, but it remains well supported.

  • Ethereum is still struggling to climb above the $280 and $285 resistance levels against the US Dollar.
  • The price traded as high as $278 and it is currently correcting lower.
  • There is a crucial ascending channel forming with support near $266 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is also correcting lower from well above the $9,800 level.

Ethereum Price Remains In Uptrend

In the weekly analysis, we saw a few bullish signs for Ethereum above the $260 level against the US Dollar. As a result, there was a decent increase in ETH price above the $265 ad $270 levels.

Moreover, the price settled above the $270 level and the 100 hourly simple moving average. Finally, the price climbed towards the $280 level and traded as high as $278.

Recently, it started a downside correction below the $275 and $272 levels. There was a break below the 23.6% Fib retracement level of the upward move from the $261 low to $278 high. However, there are many supports on the downside near the $266 and $265 levels.

Besides, there is a crucial ascending channel forming with support near $266 on the hourly chart of ETH/USD. The 50% Fib retracement level of the upward move from the $261 low to $278 high is also near the $267 area.

Ethereum Price
Ethereum Price

Therefore, Ethereum remains well bid above the $266 and $265 levels. On the upside, the price is still facing a lot of hurdles above and near the $280 level.

The main hurdles is still near the $285 and $288 levels. A clear break above the $288 zone is needed for a push towards the $300 handle in the near term.

Dips Supported

If Ethereum price dives further, it might find support near the $265 level. The 100 hourly simple moving average is also near the $265 level to provide a strong support.

If the price struggle to stay above the 100 hourly simple moving average, there is a risk of more losses towards the $260 support area. Any further losses may perhaps increase bearish pressure and the price could slide towards the $250 support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently declining and it could soon test the 50 level.

Major Support Level – $265

Major Resistance Level – $280

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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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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.

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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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