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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

TA: Ethereum Smashes $4K, Why ETH Is Not Done Yet

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:55 pm
2 mins read
Ethereum

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Ethereum extended its rally and it traded to a new all-time high above $4,000 against the US Dollar. ETH price is showing a lot of positive signs and it is likely to climb above $4,100.

  • Ethereum extended its rally above $3,900 and it traded to a new all-time high near $4,030.
  • The price is now trading well above $3,950 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $3,920 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards the $4,100 and $4,150 resistance levels.

Ethereum Price Rallies Further

Ethereum remained well supported above the $3,750 zone. The last swing low was formed near $3,722 before ETH price started a fresh increase. It outpaced bitcoin and it broke the $3,900 resistance to start a fresh rally.

It even climbed above the $3,950 level and a connecting bearish trend line on the hourly chart. The pair extended its rally above $4,000 and it traded to a new all-time high near $4,030. Ether price is now trading well above $3,950 and the 100 hourly simple moving average.

The current price action is very positive, with an immediate resistance at $4,050. It is close to the 1.236 Fib extension level of the downward move from the $3,985 high to $3,722 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The first major resistance is near the $4,150 level. It represents the 1.618 Fib extension level of the downward move from the $3,985 high to $3,722 low. Any more gains could set the pace for a strong upward move towards the $4,200 and $4,250 levels in the near term. The next major stop for the bulls may possibly be $4,500.

Dips Supported in ETH?

If Ethereum fails to continue higher towards $4,150, it could start a downside correction. An initial support on the downside is near the $3,950 level.

The first key support is near the $3,920 level. There is also a crucial bullish trend line forming with support near $3,920 on the hourly chart of ETH/USD. If there is a downside break below the trend line, the pair could dive towards the $3,800 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is well above the 60 level.

Major Support Level – $3,920

Major Resistance Level – $4,150

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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