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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

Ethereum Trend Overwhelmingly Bullish: Here’s Why The Bulls Aim $250

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:41 pm
2 mins read
Ethereum ETH

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Ethereum gains a strong bullish momentum above the $200 resistance against the US Dollar, similar to bitcoin. ETH price is likely to continue higher towards $250 in the near term.

  • ETH price climbed higher significantly and settled above $200-$210 high against the US Dollar.
  • The price even broke the $225 resistance and traded to a new 2020 high near $230.
  • There is a key contracting triangle forming with support near $225 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could correct a few points, but the bull are likely to remain in control above $200-$210.

Ethereum Price Could Rally To $250

This past week, Ethereum started a strong increase above the $200 level and outpaced bitcoin against the US Dollar. ETH price surged above the $210 level and settled above the 100 simple moving average (4-hours).

It opened the doors for more gains and the price recently surpassed the $225 level. It traded to a new 2020 high at $230 and currently consolidating gains. An initial support on the downside is near the $225 level.

Besides, the 23.6% Fib retracement level of the recent rally from the $214 low to $230 high is also near $225. More importantly, there is a key contracting triangle forming with support near $225 on the 4-hours chart of ETH/USD.

Ethereum Price
Ethereum Price

On the upside, the $230 level is an initial hurdle for Ethereum bulls. A clear break above the $230 level could set the momentum for a larger rally towards the $250 resistance area.

An intermediate hurdle for the bulls is near the $240 level. Any further gains could lead the price towards the $262 and $265 resistance levels in the near term.

Downsides Could Be Limited

On the downside, the first support is seen visible near the $225 level. If Ethereum fails to stay above the contracting triangle support, it could extend its correction towards the $220 level.

An intermediate support is near the $221 level. It represents the 50% Fib retracement level of the recent rally from the $214 low to $230 high.

Any further losses may perhaps lead the price towards the $200 support area and the 100 simple moving average (4-hours). The overall price action is very bullish and suggesting more gains above the $230 and $240 levels in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently well above the 70 level.

Major Support Level – $220

Major Resistance Level – $230

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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

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Created by industry experts and meticulously reviewed
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