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Breaking News: Ripple Throws Weight Behind Hyperliquid, Fueling HYPE’s Rally Toward Crucial Levels
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Breaking News: Ripple Throws Weight Behind Hyperliquid, Fueling HYPE’s Rally Toward Crucial Levels

Ethereum Price Technical Analysis – ETH/USD Upside Drift

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price surged above the $640 level recently and traded to a new all-time high at $653 against the US Dollar.
  • A monster connecting trend line with resistance near $650-660 is preventing gains on the hourly chart of ETH/USD (data feed via SimpleFX).
  • On the downside, there is a bullish trend line with support at $580 on the same chart.

Ethereum price is super bullish against the US Dollar and Bitcoin. ETH/USD is correcting from $653, but it remains well supported for more upsides.

Ethereum Price Uptrend

There were heavy gains in ETH price above the $580 level against the US Dollar. The price surged higher and broke many resistances such as $600 and $640 on the way up. A new all-time high was formed at $653.32 from where the price started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $510.76 low to $653.32 high.

On the upside, there is a monster connecting trend line with resistance near $650-660 on the hourly chart of ETH/USD. The same trend line prevented gains above $653 and it might continue to protect gains. On the downside, the 50% Fib retracement level of the last wave from the $510.76 low to $653.32 high is around $582 to act as a support. Moreover, there is a bullish trend line with support at $580 on the same chart. Therefore, the $580 level is a major support zone for the current wave.

Ethereum Price Technical Analysis ETH USD

Once the current correction is over, the price might move higher towards $653 once again. A break above the mentioned high could open the doors for more gains towards $680 and $700. On the downside, the $580 and $550 levels are good supports and buy zones.

Hourly MACD – The MACD is showing a lot of bullish signs.

Hourly RSI – The RSI is correcting lower from the overbought levels, but it remains in the bullish zone.

Major Support Level – $580

Major Resistance Level – $653

 

Charts courtesy – SimpleFX

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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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