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

TA: Ethereum Remains In Uptrend, Here Are Next Possible Targets

Aayush Jindal
Aayush Jindal
3 years ago
2 mins read
Ethereum

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Ethereum gained pace and traded to a new all-time high above $4,650 against the US Dollar. ETH corrected gains, but dips could be limited below $4,400.

  • Ethereum gained pace above the $4,550 and $4,600 resistance levels.
  • The price is now trading above $4,500 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $4,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if it clears the $4,620 resistance in the near term.

Ethereum Price Remains Supported

Ethereum started a fresh increase above the $4,350 and $4,450 resistance levels. ETH gained pace above the $4,500 resistance zone and the 100 hourly simple moving average.

The price even climbed above $4,600 and traded to a new all-time high. It traded as high as $4,668 before there was a downside correction. There was a break below the $4,600 level. Ether declined below the 23.6% Fib retracement level of the upward move from the $4,455 swing low to $4,668 high.

It is now trading well above $4,500 and the 100 hourly SMA. There is also a key bullish trend line forming with support near $4,540 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,600 level. The next major resistance is near the $4,620 level.

Ethereum Price

A break above the $4,620 level may possibly spark a fresh rally. The next major resistance is near the $4,700 level. Any more gains could lead the price towards the $4,800 level in the near term.

Dips Supported in ETH?

If ethereum fails to climb above the $4,600 and $4,620 resistance levels, it could start a downside correction. An initial support on the downside is near the $4,540 level.

The first major support is near the $4,540 level and the trend line. It is close to the 50% Fib retracement level of the upward move from the $4,455 swing low to $4,668 high. Any more downsides could lead the price towards the $4,500 support. The next major support for the bulls is near the $4,450 level.

Technical Indicators

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

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

Major Support Level – $4,500

Major Resistance Level – $4,620

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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

Ad discliamer

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