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

Ethereum Price Weekly Analysis – Can Decline Stop In ETH?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:22 pm
2 mins read
Ethereum Price Weekly Analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ethereum price moved down sharply and traded close to the $10.0 level against the US Dollar.
  • There was a bullish trend line formed on the 4-hours chart (data feed via Kraken) of ETH/USD, which was breached during the downside move.
  • The price is currently trading around the 100 simple moving average (H4), which may play a major role for the next move.

Ethereum price declined heavily due to the DAO hack, and lost around 40% of the value. Can losses stop in ETH or will it continue to move down?

Ethereum Price Decline

Ethereum price ETH fell like a stone during the past few hours against the US Dollar, and the main reason was the DAO hack, which ignited a sharp decline in the price. ETH/USD after trading as high as $21.00 found sellers and after the DAO hack report, it fell below the $16.00 level. Recently, the price traded towards the $10.0 level where the bulls are fighting to prevent any further declines.

During the downside move, the price broke a bullish trend line formed on the 4-hours chart (data feed via Kraken) of ETH/USD. The price is currently attempting to settle below the 100 simple moving average (H4), but it may not be easy for the sellers.

Ethereum Price Weekly Analysis

I think the 100 SMA holds the key for ETH/USD in the short term, and as long as the price do not settle below it, there is a chance of a minor recovery (as a part of a correction). No doubt, the price is under a lot of pressure and may continue to trade with a negative bias for some time.

4-hours MACD – The MACD is in the bearish slope, which is a bearish sign.

4-hours RSI – The RSI is around the 40 level, pointing towards weakness in ETH.

Weekly Support Level – $10.40

Weekly Resistance Level – $14.00

 

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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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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