$300: Ethereum Bulls Aim Big After Recent 12% Surge To $250

Aayush Jindal

Last Updated: June 11, 2024 1:41 pm

2 mins read

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Ethereum price surged more than 12% and broke many hurdles near $230 and $240 against the US Dollar. ETH is likely to continue higher towards the $300 handle in the near term.

Ethereum declined below the $225 and $220 support levels against the US Dollar.
The key targets of $240 and $250 were achieved (as discussed in the weekly forecast).
There was a break above a major contracting triangle with resistance near $223 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is back above the $10,000 resistance and traded to a new 2020 high above $10,200.

Ethereum Price Starts Strong Increase

After a short term downside correction, Ethereum found support near the $218 area against the US Dollar. A support base was formed above $220 and recently ETH price started a fresh increase.

There was a sharp upward move above the $225 and $230 resistance levels. The bulls even push the price above the $230 swing high and the 100 hourly simple moving average.

During the rise, there was a break above a major contracting triangle with resistance near $223 on the hourly chart of ETH/USD. Ethereum cleared the $240 resistance and traded close to the $250 area.

A new 2020 high is formed near $248 and the price is currently correcting gains. An initial support is near the $242 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $218 low to $248 high.

On the upside, the $248 and $250 levels are initial hurdles for Ethereum bulls. If they push the price above the $250 barrier, it could set the pace for more upsides towards $265. The next major resistance above $265 is seen near the $300 level.

Dips Remain Supported

If there is a downside correction, the bulls are likely to remain active above the $230 level. The first key support is near the $235 and $233 levels.

Besides, the 50% Fib retracement level of the recent rally from the $218 low to $248 high is at $233. Any further losses may perhaps lead Ethereum price towards the $225 support area and the 100 hourly SMA.

Overall, the bulls remain in control above $230 and $240. Therefore, if the price surges above the $250 level, the bulls are likely to aim a test of the $300 mark in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now strongly in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower from the overbought zone.

Major Support Level – $233

Major Resistance Level – $250

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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