Ethereum Just Saw Technical Breakout, Indicators Point To More Upsides

Aayush Jindal

Last Updated: June 11, 2024 1:06 pm

2 mins read

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Ethereum is up more than 4% and it surged above the $240 resistance against the US Dollar. ETH is currently showing a lot of bullish signs and it is likely to accelerate above $250.

Ethereum is gaining bullish momentum and it is trading nicely above $240.
The price traded close to the $250 resistance and settled above the 100 hourly simple moving average.
There is a bullish flag pattern forming with resistance near $244 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to accelerate gains if it clears the $248 and $250 resistance levels in the near term.

Ethereum Price Rallies 4%

Yesterday, we discussed the chances of an upside break in Ethereum price above the $240 resistance against the US Dollar. ETH did gain traction above the $240 resistance and settled well above the 100 hourly simple moving average.

It opened the doors for more gains and the price broke the $245 level. Ether traded close to the $250 level and an intraday high is formed near $248. The price is currently correcting lower and trading below the $245 level.

It broke the 23.6% Fib retracement level of the recent rally from the $227 low to $247 high. It seems like there is a bullish flag pattern forming with resistance near $244 on the hourly chart of ETH/USD.

Ethereum price trades above $240. Source: TradingView.com

The first key support is seen near the $240 and $238 levels (the recent breakout zone). The 50% Fib retracement level of the recent rally from the $227 low to $247 high is also near the $238 level.

On the upside, ether price is likely to clear the channel resistance at $244. If the bulls succeed in gaining momentum above $245, there are high chances of more gains above the $248 and $250 resistance levels. The next target for the bulls could be $255 or even $262.

Dips Supported in ETH

The $238 level is likely to act as a major support. If Ethereum fails to stay above $238, it could extend its decline towards the $234 support level and the 100 hourly simple moving average.

Any further losses below the $234 support zone could negate the current bullish view. In the mentioned case, it could decline back towards the $225 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 55 level, with bullish signs.

Major Support Level – $238

Major Resistance Level – $248

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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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