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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ethereum Price Technical Analysis – Minor Dip Likely

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:27 pm
2 mins read
Ethereum price

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Key Highlights

  • Ethereum price continued to stay under a bearish pressure vs the US Dollar, and may trade a few points lower.
  • Yesterday’s highlighted bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD continued to act as a resistance.
  • The price is now below the 100 hourly simple moving average, which may ignite a downside reaction.

Ethereum price attempted a break yesterday, but failed. It looks like ETH/USD bears may step in to take the price towards $9.00.

Ethereum Price – Downside Reaction?

Ethereum price ETH traded above the 100 hourly simple moving average for some time, but failed to gain traction. As a result, the price moved down, and there was even a close below the 100 hourly SMA. I highlighted a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD yesterday, and was hoping for a break.

However, the ETH bulls failed to break the trend line resistance, and the price moved down. Now, since there is an hourly close below the 100 SMA, it increases the chance of ETH/USD moving down a few points in the short term. Please note, I am not saying it will fall and decline heavily. I mean there may be a move down towards $9.00 if the price remains under a bearish pressure, as there was a failure near the 61.8% Fibonacci retracement level of the last drop from the $10.40 high to $8.40.

Ethereum Price Technical Analysis

If you are looking to sell, then consider it as long as the price is below the 100 hourly SMA. A close back above it may again put ETH on a bullish path.

Hourly MACD – The MACD might change the slope to the bullish area, but there is a no major sign yet.

Hourly RSI – The RSI is below the 50 level, which is a bearish sign in the short term.

Intraday Support Level – $9.00

Intraday Resistance Level – $9.50

 

Charts courtesy of Kraken via Trading View

Header Image: NewsBTC

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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.

Read more

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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