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

Ethereum Price (ETH) On The Path To Rally Past $4K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum price extended its increase toward $3,950. ETH is now consolidating gains and might aim for a move above the $4,000 resistance.

  • Ethereum traded to a new multi-month high above $3,940.
  • The price is trading above $3,850 and the 100-hourly Simple Moving Average.
  • There was a break above a short-term bullish flag pattern with resistance at $3,830 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its increase if it clears the $3,940 resistance zone.

Ethereum Price Remains In Strong Uptrend

Ethereum price extended its rally above the $3,850 level, unlike Bitcoin. BTC failed to extend gains above the $68,000 zone and is now consolidating gains. However, ETH silently moved higher above $3,850.

There was a break above a short-term bullish flag pattern with resistance at $3,830 on the hourly chart of ETH/USD. The pair broke the $3,900 resistance zone. It traded to a new multi-month high above $3,940 and recently started a consolidation phase.

There was a pullback below the $3,900 level. The price tested the 23.6% Fib retracement level of the recent increase from the $3,716 swing low to the $3,943 high.

Ethereum is now trading above $3,850 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,920 level. The first major resistance is near the $3,940 level. The next major resistance is near $4,000, above which the price might gain bullish momentum.

Ethereum Price

Source: ETHUSD on TradingView.com

The next stop for the bulls could be near the $4,080 level. If there is a move above the $4,080 resistance, Ether could even rally toward the $4,220 resistance. Any more gains might call for a test of $4,350.

Are Dips Limited In ETH?

If Ethereum fails to clear the $3,940 resistance, it could start another downside correction. Initial support on the downside is near the $3,850 level.

The first major support is near the $3,800 zone or the 76.4% Fib retracement level of the recent increase from the $3,716 swing low to the $3,943 high. The next key support could be the $3,720 zone. A clear move below the $3,720 support might send the price toward $3,550. Any more losses might send the price toward the $3,400 level.

Technical Indicators

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

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

Major Support Level – $3,720

Major Resistance Level – $3,940

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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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