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

Ethereum Price Technical Analysis – Start Buying ETH?

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ethereum price showed a lot of positive signs recently against the US Dollar and moved higher.
  • There is currently a resistance trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is preventing further gains.
  • The pair is above the 100 hourly simple moving average, suggesting good signs in the near term.

Ethereum price looks like trading in a bullish area against the US Dollar, but the bulls must trade carefully as there may be swing moves.

Ethereum Price Support

Ethereum price ETH traded higher during the past 24 hours against the US Dollar and posted a new intraday high of $11.34. There was a solid buying interest noted for the ETH, which helped it to gain traction against the USD. The price after trading above the $11.00 level started consolidating, and may correct a few points lower before it can move back higher.

At this moment, there is a resistance trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, acting as a barrier for further gains above the $11.20-30 levels. So, there is a chance of a minor dip in the near term. An immediate support on the downside can be around the 23.6% Fib retracement level of the last wave from the $$8.85 low to $11.34 high.

Ethereum Price Technical Analysis

However, the most important support on the downside can be around the 100 hourly simple moving average, as it is also aligned with the 38.2% Fib retracement level of the last wave from the $$8.85 low to $11.34 high. One may consider entering a buy trade, but with a tight stop. A break below the $10.00 support area may trigger further losses in ETH/USD.

Hourly MACD – The MACD is in the bullish zone, but may move soon in the bearish zone.

Hourly RSI – The RSI is also above the 50 level, which is a positive sign.

Major Support Level – $10.40

Major Resistance Level – $11.35

 

Charts courtesy – SimpleFX

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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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