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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

This Simple Pattern Suggests Ethereum Is Preparing For Another Leg Higher

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:05 pm
2 mins read
Ethereum

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Ethereum is showing positive signs and it traded to a new monthly high at $281 against the US Dollar. ETH price likely to continue higher as long as it is above $260.

  • Ethereum extended its rally above the $270 and $275 resistance levels.
  • The price traded to a new monthly high at $281 and it is currently correcting lower.
  • There is a new contracting triangle forming with resistance near $272 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to break to the upside and continue higher towards $280 and $288.

Ethereum Price Gaining Bullish Momentum

In the past few days, there was a steady increase in Ethereum above the $250 resistance against the US Dollar. ETH price settled above the $260 resistance and the 100 hourly simple moving average.

The recent upward move was such that ether price gained more than bitcoin, and climbed above the $270 resistance. It even spiked above the $280 level and traded to a new monthly high at $281.

It is currently correcting lower and trading below the $275 level. There was a break below the 23.6% Fib retracement level of the upward move from the $260 swing low $281 high. An immediate support is near the $270 level (the recent breakout zone).

Ethereum

Ethereum price trades above $270. Source: TradingView.com

There is also a new contracting triangle forming with resistance near $272 on the hourly chart of ETH/USD. The triangle support is close to the 50% Fib retracement level of the upward move from the $260 swing low $281 high.

On the upside, the price is facing a couple of minor barriers near the $275 level. A clear break above the $275 resistance may perhaps open the doors for a sharp increase towards the $280 and $288 levels. The next hurdle is seen near the $300 level.

Bearish Break in ETH?

On the downside, the triangle support is near the $268-$270 zone. If there is a downside break below $268, the price could continue to move down.

The next major support is near the $260 level (the pivot zone), below which the price is likely to accelerate lower towards the $250 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $268

Major Resistance Level – $275

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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