Ethereum started a downside correction from the $288 high against the US Dollar, similar to bitcoin. ETH price is now forming a strong support above $260 and it could climb higher again.
ETH price is trading with a solid bullish sentiment above the $260 level against the US Dollar.
The price corrected lower recently, but the bulls defended $260 and $255.
There is a major contracting triangle forming with resistance near $274 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair could surge again if it breaks the $275 and $280 resistance levels in the near term.
Ethereum Price Resume Its Uptrend
This past week, Ethereum jumped above the $275 resistance area against the US Dollar. ETH price traded to a new 2020 high near $288 and settled nicely above the 100 simple moving average (4-hours).
Recently, there was a downside correction from the $288 high. The price traded below the $275 support area. Moreover, there was a break below the 23.6% Fib retracement level of the recent surge from the $216 low to $288 high.
Ethereum even spiked below the $260 support area. However, the $255 area acted as a strong support. Besides, the 50% Fib retracement level of the recent surge from the $216 low to $288 high was well protected.
More importantly, there is major contracting triangle forming with resistance near $274 on the 4-hours of ETH/USD. If the price clears the $275 resistance area, it is likely to resume its uptrend.
Ethereum Price
An immediate resistance is near the $280 level, above which the price could revisit the $288 high. The main target for the bulls is $300 in the coming days, where the bears might take a stand.
Downsides Remain Supported
On the downside, the first support is seen visible near the $260 level and the triangle lower trend line. If Ethereum fails to stay above the triangle support, it could retest the main $255 support area.
The next support is seen near the $252 level, below which the price is likely to continue lower towards the $244 support in the coming sessions. It represents the 61.8% Fib retracement level of the recent surge from the $216 low to $288 high.
Overall, Ethereum remains supported and the bulls are likely eyeing a fresh increase above the $275 and $280 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is slowly moving back into the bullish zone.
4 hours RSI – The RSI for ETH/USD is still nicely above the 50 level.
Major Support Level – $255
Major Resistance Level – $275
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.
Read more
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.
