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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts
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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts

Ethereum Price Technical Analysis – ETH/USD Eyes More Upsides

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price is rising and is currently trading above the $920 level against the US Dollar.
  • There is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may continue to rise and it could even break the recent high of $936 for more gains.

Ethereum price is trading with bullish price action against the US Dollar and Bitcoin. ETH/USD may soon break the $935-940 levels to gain further upside momentum.

Ethereum Price Support

There were bullish moves above $860 during the past few sessions in ETH price against the US Dollar. The price was above the move above the $900 and $910 resistance levels. It traded as high as $936 and is currently consolidating gains. It moved down once and traded below the 23.6% Fib retracement level of the last wave from the $868 low to $936 high.

However, the downside move was limited and the pair found support near $890-900. Moreover, the 50% Fib retracement level of the last wave from the $868 low to $936 high acted as a support. There was an upside reaction and the price moved back above the $910 level. On the downside, there is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD. The pair is trading with a positive bias above the $920 level. Any dips from the current levels remain supported around the $900 and $890 levels.

Ethereum Price Technical Analysis ETH USD

On the upside, the pair may soon move above the $935 level once again. Once it break $935, it could even move above the $950 level. Further above $950, there could more gains toward the $980 level.

Hourly MACD – The MACD has slightly reduced the bullish slope, but it is still positive.

Hourly RSI – The RSI is once again moving higher after testing the 50 level.

Major Support Level – $900

Major Resistance Level – $935

 

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.

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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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