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Ethereum Smashes Resistance, Reasons Why ETH Could Rally 10%
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Ethereum Smashes Resistance, Reasons Why ETH Could Rally 10%

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ethereum Price Rise

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Ethereum gaining bullish momentum above key hurdles versus the US Dollar, similar to bitcoin. ETH price is likely to accelerate higher towards $145 and $150 in the near term.

  • Ether price is rising steadily and trading above the $135 resistance against the US Dollar.
  • BTC is also showing a lot of positive signs above the $7,400 resistance area.
  • There is a key bullish trend line forming with support near $134 on the hourly chart of ETH/USD (data feed via Kraken).
  • ETH remains well bid above $130 and it seems to be aiming a 10% rise in the coming days.

Ethereum Price Rising Steadily

In the past few sessions, there were mostly bullish moves in Ethereum above the $130 resistance against the US Dollar. Moreover, ETH surged above the $135 resistance and settled above the 100 hourly simple moving average.

It opened the doors for more gains and the price traded above the $138 swing high. The price is now trading near the 1.236 Fib extension level of the recent decline from the $138 high to $133 low.

The current price action suggests that the bulls are aiming an upside break above the $140 and $142 resistance levels. Once bitcoin climbs above the $7,580 and $7,600 resistance levels, Ethereum might follow and climb above $142.

An intermediate resistance could be $141 or the 1.618 Fib extension level of the recent decline from the $138 high to $133 low. A successful close above the $142 resistance may perhaps set the pace for an upside continuation towards the $150 barrier.

Dips In ETH Remain Supported

Conversely, there could be short term downsides in ETH if the price fails to climb above the $142 resistance. In the mentioned case, the bulls are likely to protect downsides near the $135 and $134 levels.

Additionally, there is a key bullish trend line forming with support near $134 on the hourly chart of ETH/USD. Should the price fail to stay above the trend line, it could correct further towards the $130 support level in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly gaining bullish momentum above the $130 and $135 resistance levels. Thus, there are high chances of a sustained upward move above the $140 and $142 resistance levels in the coming days. The main target for the bulls this week could be $150.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently rising towards the 70 level.

Major Support Level – $134

Major Resistance Level – $142

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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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