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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6
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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

ETH Price Technical Analysis – Further Appreciation Or Depreciation?

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

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Key Highlights

  • Ethereum price, after trading a few points above the $11.00 level vs the US Dollar, found sellers and moved down.
  • There is a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is currently acting as a support area.
  • The price is now below the 100 hourly simple moving average, which is not a good sign for the ETH bulls.

Ethereum price moved below the 100 SMA, but stayed above a support trend line. Can it recover or break the support to move down?

Ethereum Price Trend Line Support

Ethereum price ETH this past week managed to register a high above the $11.00 level vs the US dollar, and then started to move down. The downside move was sharp, as the price settled below the 100 hourly simple moving average. However, after the break, the ETH/USD found support near a bullish trend line formed on the hourly chart (data feed via Kraken).

Currently, it looks like the ETH bulls are finding it hard to hold the trend line support area. If sellers succeed in breaking it, then a move towards the $9.50 level is possible. On the upside, an initial resistance is around the 38.2% Fib retracement level of the last drop from the $11.09 high to $9.74 low. The stated level holds a lot of importance, as the 100 hourly SMA is positioned near it.

Ethereum Price Technical Analysis

All in all, there is a monster resistance area at $10.25, and as long as the price is below it, there are chances of ETH breaking the trend line support area. One may consider selling with a stop above the $10.25 level.

Hourly MACD – The MACD is in the bearish slope, which is a negative sign.

Hourly RSI – The RSI is below the 50 level, calling for more losses in the short term.

Intraday Support Level – $9.90

Intraday Resistance Level – $10.25

 

Charts courtesy of Kraken via Trading View

Image via 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.

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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

Ad discliamer

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