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Breaking News: Crypto Market Structure Talks: Senator Lummis Addresses Latest Legislation Plans

TA: Ethereum Sets New ATH, Why Dips Remain Attractive In Near-Term

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 near $3,550 against the US Dollar. ETH price is correcting gains, but it is likely to remain well bid near $3,400.

  • Ethereum extended its rally above $3,500 and it traded to a new all-time high near $3,550.
  • The price is now trading well above $3,400 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is correcting lower, but the bulls are likely to remain active near $3,400.

Ethereum Price Gains Traction

Ethereum formed a new support base above the $3,250 and started a fresh increase. ETH outpaced bitcoin and it broke the $3,400 resistance to start a fresh rally.

It even climbed above the $3,500 level and traded to a new all-time high near $3,550. It is now trading well above $3,400 and the 100 hourly simple moving average. Recently, there was a downside correction from the $3,551 high and the price traded below $3,500.

Ether traded below the 23.6% Fib retracement level of the recent wave from the $3,289 swing low to $3,551 high. On the downside, the first major support is near the $3,420 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent wave from the $3,289 swing low to $3,551 high is also near the $3,420 level. The main support is now forming near the $3,400 level. There is also a major bullish trend line forming with support near $3,390 on the hourly chart of ETH/USD. Any more losses might call for a drop towards the $3,250 support zone in the near term.

More Upsides in ETH?

If Ethereum remains stable above the $3,400 zone, it could start a fresh increase. An immediate resistance on the upside is near the $3,500 level.

A successful close above the $3,500 level could lead ether price towards the $3,550 level. The next key resistance is near $3,620, above which the bulls might aim a test of the $3,750 level in the coming days.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is correcting lower and it is approaching the 50 level.

Major Support Level – $3,400

Major Resistance Level – $3,550

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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
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

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