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Breaking News: Bitcoin Crashes Below $67,000 As Stifel Warns Of Potential Drop To $38,000
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Breaking News: Bitcoin Crashes Below $67,000 As Stifel Warns Of Potential Drop To $38,000

Ethereum (ETH) Price Rally Alongside Bitcoin: More Upsides Likely

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:05 pm
2 mins read
sleepwalking, technical analysis ethereum

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  • ETH price started a fresh increase and broke the key $265 resistance area against the US Dollar.
  • The price settled above the $265 level and traded close to the $272 level.
  • There was a break above a declining channel with resistance near the $251 level on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently consolidating gains, but it is likely to climb further higher above $275.

Ethereum price is gaining bullish momentum versus the US Dollar, similar to bitcoin. ETH is now trading above the $265 resistance and it is likely to continue higher in the near term.

Ethereum Price Analysis

After testing the $230 support, Ethereum price started a steady rise against the US Dollar. The ETH/USD pair broke many hurdles on the way up, including $245 and $250. There was a close above the $250 resistance and the 100 hourly simple moving average. Recently, bitcoin price started a strong upward move, pushing ETH above the key $265 resistance. It opened the doors for more gains above the $265 and $270 levels.

During the rise, there was a break above a declining channel with resistance near the $251 level on the hourly chart of ETH/USD. The pair traded above the $270 level and formed a new weekly high at $272. The price is currently correcting lower and is trading near $268. An initial support is at $266 and the 23.6% Fib retracement level of the recent wave from the $246 low to $272 high. However, the main support is now at $265 (the previous resistance area). The next key support could be near the $259-260 zone.

It coincides with the 50% Fib retracement level of the recent wave from the $246 low to $272 high. If there are further losses, the price could find support near the $252 level and the 100 hourly SMA. On the upside, an initial resistance is near the $272 level, above which the price may perhaps rally above the $275 level. The main resistance is near the $280 level, followed by the $300 handle.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading nicely above the $265 pivot level. As long as there is no close below the $258 level, there are chances of a fresh increase. A clear break above the $272 level will most likely open the doors for a sharp rise above the $275 and $280 levels in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is placed heavily in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD is currently correcting lower from the overbought levels towards the 60 level.

Major Support Level – $260

Major Resistance Level – $272

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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
Created by industry experts and meticulously reviewed
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