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TA: Ethereum Gearing For Another Lift-Off, Why ETH Could Test $3,750
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TA: Ethereum Gearing For Another Lift-Off, Why ETH Could Test $3,750

Aayush Jindal
Aayush Jindal
3 years ago
2 mins read
Ethereum

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Ethereum remained stable above the $3,400 level against the US Dollar. ETH price is rising and eyeing an upside break above the $3,550 resistance zone.

  • Ethereum started a fresh increase after it tested the $3,400 support zone.
  • The price is now trading above $3,500 and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $3,530 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady increase if it clears the trend line and $3,550.

Ethereum Price Eyes Upside Break

Ethereum extended decline below the $3,440 level. However, ETH bulls again protected a downside break below the $3,400 support. The bulls were also active near the 50% Fib retracement level of the key increase from the $3,215 swing low to $3,580 high.

It seems like a double bottom pattern was formed near $3,400 and the price started a fresh increase. There was a move above the $3,500 level and the 100 hourly simple moving average.

The price is now facing resistance near the $3,525 level. There is also a connecting bearish trend line forming with resistance near $3,530 on the hourly chart of ETH/USD. The next major resistance is near the $3,580 level. If ether price clears the $3,580 resistance zone, it could start a major increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price could climb above the $3,600 zone. The next major stop for the bulls on the upside may perhaps be $3,750 in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $3,580 level, it could start another downside correction. An initial support on the downside is near the $3,450 zone and the 100 hourly simple moving average.

The next major support is near the $3,400 level. If there is a downside break below the $3,400 support, the price could test $3,350. It is near the 61.8% Fib retracement level of the key increase from the $3,215 swing low to $3,580 high. Any more losses may perhaps set the pace for a move towards the $3,220 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,400

Major Resistance Level – $3,580

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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
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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