Ethereum Price (ETH) Looks Set To Continue Higher

Aayush Jindal

Last Updated: June 11, 2024 1:25 pm

2 mins read

sleepwalking, technical analysis ethereum

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ETH price is showing positive signs above the $180 pivot level against the US Dollar.
The price is likely to continue higher above the $184 and $185 resistance levels in the near term.
There is a key bullish trend line forming with support at $178 on the hourly chart of ETH/USD (data feed via Kraken).
The price could correct a few points, but it remains supported near $178 and $175 in the near term.

Ethereum price is gaining momentum above the $175 level versus the US Dollar, while bitcoin is consolidating. ETH price is likely to continue higher above $185.

Ethereum Price Analysis

In the past few sessions, ETH price remained well bid above the $170 support against the US Dollar. However, bitcoin price remained in a range above the $10,200 support area. Ethereum price is showing positive signs and is trading nicely above the key $175 support area. Moreover, there was a break above the $180 level and the 100 hourly simple moving average.

The last swing high was formed $186 and it is recently corrected lower. There was a break below the $182 support and the 50% Fib retracement level of the last wave from the $176 low to $186 high. Additionally, the price spiked below the $180 support level. However, the $178 level acted as a strong support. Besides, the 76.4% Fib retracement level of the last wave from the $176 low to $186 high acted as a support.

More importantly, there is a key bullish trend line forming with support at $178 on the hourly chart of ETH/USD. The trend line and $178 support could act as a strong buy zone. If there is a downside break below $178, the price could continue to move down towards the $175 level. The next key support is near the $173 level. It coincides with the 1.236 Fib extension level of the last wave from the $176 low to $186 high.

On the upside, there are many hurdles near the $184 and $185 levels. If there is an upside break above the $185 resistance, the price could accelerate higher. The next stop for the bulls could be near the $192 and $195 level.

Looking at the chart, Ethereum price is trading with a positive and it seems like the price could accelerate towards the $200 level in the coming sessions. Only a daily close below the $170 level might negate the current bullish bias.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently moving in the bullish zone.

Hourly RSI – The RSI for ETH/USD is slowly rising towards the 60 and 65 levels.

Major Support Level – $175

Major Resistance Level – $185

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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