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Ethereum Price Technical Analysis –100 SMA As Signify Resistance

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:36 pm
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • Ethereum price managed to correct higher a few points against the US Dollar but found sellers on the upside.
  • The price stalled and found offers on a couple of occasions near the 100 hourly simple moving average.
  • There is a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a support area in the short term.

Ethereum price recent correction looks impressive. However, ETH/USD needs to clear 100 hourly SMA to gain further strength.

Ethereum Price – Can Trend Line Hold?

Ethereum price ETH finally showed some signs of life and moved higher after trading towards $7.00. There was a nice upside reaction, but the price found offers near the 100 hourly simple moving average. There was no proper hourly close above the 100 SMA, which can be seen as a concern for the ETH bulls. Moreover, the price failed to break the $8.00 resistance area as well, which is another negative sign.

However, there is a hope for the bulls, as there is a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted trend line and support area hold a lot of importance in the near term. As long as the price is above it, there is a possibility of ETH spiking one more time, but I would not suggest to enter a buy, as I am not convinced with the current price action.

Ethereum Price Technical Analysis

I would rather wait and see if the price breaks the trend line and support area. If there is an hourly close below the trend line support, then there is a chance of a move down back towards $7.20.

Hourly MACD – The MACD is in the bearish zone, suggesting the bears are fighting hard to stop the upside move.

Hourly RSI – The RSI just dipped below the 50 level, which may ignite a downside move.

Intraday Support Level – $7.50

Intraday Resistance Level – $8.00

 

Charts courtesy of Kraken via Trading View

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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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