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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

TA: Ethereum Lacks Momentum Above $375, But Dips Likely To Be Limited

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum

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Ethereum staged a strong increase and climbed above the $370 resistance against the US Dollar. ETH price is currently consolidating gains and it could correct lower.

  • Ethereum started a decent increase above the $355, $365 and $370 resistance levels.
  • The price is now well above $365 and the 100 hourly simple moving average.
  • There is a short-term bullish trend line forming with support near $372 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but dips are likely to remain contained near $365 or $355.

Ethereum Price Consolidating Gains

Ethereum started a fresh increase after it broke the key $355 resistance level (similar to bitcoin at $11,000). ETH price surpassed the $365 and $370 resistance levels to move into a positive zone.

There was also a close above the $370 level and ether price settled well above the 100 hourly simple moving average. A new monthly high is formed near $379 and the price is currently consolidating gains.

It corrected lower below the $372 level, plus the 23.6% Fib retracement level of the upward move from the $347 swing low to $379 high. However, the price remained well bid above the $365 support and it climbed back above $370.

Ethereum Price

Ethereum price settles above $365. Source: TradingView.com

There was also no break below the 50% Fib retracement level of the upward move from the $347 swing low to $379 high. It seems like there is a short-term bullish trend line forming with support near $372 on the hourly chart of ETH/USD.

On the upside, an initial resistance is near the $378 and $380 levels. A clear break above the $380 resistance level could open the doors for another increase. The next major resistance is near the $395 and $400 levels.

Dips Limited in ETH?

If Ethereum fails to clear the $378 resistance or $380, there could be a downside correction. A downside break below the trend line support could lead the price towards the $365 support level.

The 100 hourly simple moving average is also near the $365 level. Any further losses could lead ether price towards the main support at $355 (the last breakout resistance), where the bulls are likely to take a strong stand.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently holding the 50 level, with a few bearish signs.

Major Support Level – $365

Major Resistance Level – $380

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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.

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.

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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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