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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ethereum (ETH) Price Surges 20%, Hits $270: $300 Could Be Next

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:05 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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  • ETH price surged higher and broke the key $240 and $250 resistance levels against the US Dollar.
  • The price is up more than 20% and it recently tested the $270 resistance level.
  • There is a new key bullish trend line forming with support near $244 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is following a strong uptrend and it seems like the price could even surge towards $300.

Ethereum price surged significantly towards $270 versus the US Dollar, and jumped sharply vs bitcoin. ETH is in a major bull run and it seems like the price might even hit $300.

Ethereum Price Analysis

Yesterday, we saw a sharp increase in Ethereum price above $220 resistance against the US Dollar. The ETH/USD pair gained pace above the $225 resistance and rallied above the second target discussed this week. It broke the key $240 and $250 resistance levels to move further into a positive zone. The uptrend was such that the price gained more than 20% and even tested the $270 level. The price is currently well above the $260 level and placed nicely above the 100 hourly simple moving average.

A swing high is formed at $270 and the price is still showing a lot of positive signs. If there is a downside correction, an immediate support is at $262. It represents the 23.6% Fib retracement level of the recent surge from the $237 swing low to $270 high. If there is an extended downside correction, the price could test the $254 support level. The 50% Fib retracement level of the recent surge from the $237 swing low to $270 high is also near the $254 support. Besides, there is a new key bullish trend line forming with support near $244 on the hourly chart of ETH/USD.

Therefore, if the price corrects lower, it is likely to find a lot of buyers near the $262 or $254 support. On the upside, the $270 level is an immediate resistance. If there is an upside break above $270, the price could rally towards the $285 level. However, the main target for the bulls could be $300 in the coming sessions.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly surging and it is likely to break the $270 resistance level. The next few hours could be important as the price is likely to trade in a range before it climbs above $270 and $275.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now in the overbought zone, with no major correction signal.

Major Support Level – $254

Major Resistance Level – $285

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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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