Ethereum Rallies 10% and Primed To Continue Higher Towards $150

Aayush Jindal

Last Updated: June 11, 2024 1:46 pm

2 mins read

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Ethereum is up around 10% and it traded above the key $130 resistance against the US Dollar. ETH price is likely to continue higher towards the $150 resistance if it clears $140.

Ethereum is showing a few positive signs above the $135 level against the US Dollar.
The price is now approaching the key $140 resistance area.
There was a break above a major bearish trend line with resistance near $126 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is up close to 12% and it is now trading above the $6,500 resistance area.

Ethereum Price Is Gaining Momentum

After testing the $120 support, Ethereum started a fresh increase against the US Dollar. ETH price remained well bid above the $120 level, resulting in an upside break above $122 and $125.

The bulls were able to lead the price above the key $130 resistance and the 100 hourly simple moving average. Moreover, there was a break above a major bearish trend line with resistance near $126 on the hourly chart of ETH/USD.

The pair is now trading nicely above the $135 resistance, but it is facing another major resistance near the $138 and $140 levels. The recent swing high was formed near $138 before the price declined below the 23.6% Fib retracement level of the upward move from the $119 swing low to $138 high.

However, Ethereum remained well bid above the $128 level. The 50% Fib retracement level of the upward move from the $119 swing low to $138 high is also acting as a strong support.

On the upside, the bulls need to gain pace above the $138 and $140 resistance levels. If they succeed, there are high chances of more gains towards the $150 resistance in the near term.

Upsides Capped

On the downside, Ethereum is likely to remain well bid near the $128 level. The 100 hourly simple moving average is also positioned near the $128 level to provide support.

If there is a downside break below the 100 hourly SMA, it could change the current bias. In the stated case, the next major support is visible near the $120 level. Any further losses may perhaps spark an extended decline towards the $105 and $100 support levels in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 65 level.

Major Support Level – $128

Major Resistance Level – $140

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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