Ethereum Price Technical Analysis – ETH/USD Gains To Continue

Aayush Jindal

Last Updated: June 11, 2024 1:20 pm

2 mins read

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Key Highlights

ETH price overcame all the odds and currently trading above the $19.00 resistance against the US Dollar.
There is a nasty ascending bullish channel with support at $19.10 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
It looks like the ETH bulls are waiting for a push towards $20.00 before taking a breather.

Ethereum price is unstoppable at the moment against the US Dollar, and it looks like the ETH/USD may move soon double itself.

Ethereum Price Up By More Than 50%

There were further upsides in ETH price, as it marched above the $19.00 handle vs the US Dollar. This week ETH price is up by more than 50%, and it looks like the upside move is far from over. The next stop for the price seems like around the $20 level. If the current trend remains intact, it can be an easy ride for the bulls. A break above $20 is just a few points away. There is even a chance that the price may surpass the last high, and create a new all-time high above $21.50.

So, once there is a break above $20, the next stop would be the all-time high around $21.30. And, just like Bitcoin price, there is a chance that ETH price might also set a new high. At the moment, there is a solid ascending bullish channel formed with support at $19.10 on the hourly chart of ETH/USD (data feed via SimpleFX). It may continue to act as a catalyst, and push the price above $20.

Overall, the trend is SUPER bullish, and we may continue to see gains in ETH/USD. In no time, the price could break $20 for a move towards $21.30.

Hourly MACD – The MACD is extremely bullish, suggesting more upsides.

Hourly RSI – The RSI is around the overbought levels, but continuing the upside move.

Major Support Level – $19.00

Major Resistance Level – $20.00

Charts courtesy – SimpleFX

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.
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