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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week
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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week

ETH Price Tech Analysis – ETH/USD Surges to New All-time High

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price spikes higher and breaks the $500 and $515 resistance levels against the US Dollar.
  • There was a break above a major contracting triangle with resistance at $470 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently unstoppable and it might soon blast towards the $550 level.

Ethereum price is rocketing higher against the US Dollar and Bitcoin. ETH/USD is surging higher towards the next major resistance at $550.

Ethereum Price Upside Surge

There were solid gains in ETH price recently from the $420-430 swing low against the US Dollar. The price gained heavy bids and was able to move above the last swing high at $497 and even broke the $500 level. A new all-time high was formed above $525 and it seems like the price is unstoppable at the moment. It has breached the 1.236 extension of the last wave from the $497 high to $421 low.

During the upside move, there was a break above a major contracting triangle with resistance at $470 on the hourly chart of ETH/USD. The pair is now placed well above the $500 level and is eyeing more gains. The next major upside target could be the $550 level. An intermediate resistance is around the 1.618 extension of the last wave from the $497 high to $421 low near $544. It seems like ETH buyers are now in full action and it could even rally just like bitcoin.

Ethereum Price Technical Analysis ETH USD

We can see continuing gains towards $600 in the near term. On the downside, the broken resistance at $497-500 may act as a support. However, the most important support is now at $450 and the 100 hourly simple moving average.

Hourly MACD – The MACD is gaining heavy momentum in the bullish zone.

Hourly RSI – The RSI has reached the extreme overbought conditions with no sign of a pullbacks.

Major Support Level – $500

Major Resistance Level – $550

 

Charts courtesy – SimpleFX

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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

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