Ethereum Price Technical Analysis – ETH/USD Skyrockets above $780

Aayush Jindal

Last Updated: June 11, 2024 1:37 pm

2 mins read

Ethereum Price Technical Analysis ETH USD

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.

Key Highlights

ETH price jumped higher sharply and moved above the $780 resistance level against the US Dollar.
There is an ascending channel forming with support at $760 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains in a solid uptrend, and any downsides are likely to find support around $756 and $746.

Ethereum price surged higher against the US Dollar and Bitcoin. ETH/USD moved above the $780 level and it looks set to extend gains in the near term.

Ethereum Price Support

There was a solid increase in buying interest as ETH price moved above the $750 resistance level against the US Dollar. Yesterday, we discussed that the price could move above the $725 level. It not only broke the $725 level, but moved higher by more than $50. During the upside, it broke the $765 and $780 resistance levels, and traded as high as $789.17. At the moment, the price is correcting lower from $789.17, but remains well supported.

ETH price recently traded below the 23.6% Fib retracement level of the last wave from the $714 low to $789 high. However, there are many supports on the downside around the $755 level. More importantly, there is an ascending channel forming with support at $760 on the hourly chart of ETH/USD. Below the channel support, the 38.2% Fib retracement level of the last wave from the $714 low to $789 high may perhaps act as a support around $756. Below the stated $756 support, the price could test the next fib support level at $746.

Looking at the chart, any further declines below $746 could be limited. On the upside, the price is facing a tiny resistance around the $788-790 levels. However, the main hurdle for buyers is close to the $800 level.

Hourly MACD – The MACD is placed nicely in the bullish zone.

Hourly RSI – The RSI is currently correcting lower from the 70 level.

Major Support Level – $756

Major Resistance Level – $790

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.

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.