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Ethereum Price Technical Analysis – Trend Line Support Helped

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • Ethereum price after a minor correction against the US Dollar found buyers on the downside.
  • Yesterday’s short-term bullish trend line highlighted on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a perfect support area.
  • On the upside, the pair is still struggling to break the $11.20-30 resistance, which may ignite another correction.

Ethereum price is slowly and steadily grinding higher against the US Dollar, but it lacks momentum to clear a couple of important resistance levels.

Ethereum Price Support

Ethereum price ETH yesterday moved a few points lower against the US Dollar and found support. Yesterday’s highlighted short-term bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD provided support and stopped the downside move as forecasted. The trend line support helped the bulls to gain bids, and as a result, there was an upside reaction.

The price traded near the last swing high of $11.20-30 where it found sellers once again. The last two hourly candles are bearish and suggesting a downside move. If there is no increase in the momentum, there is a chance of a downside move towards the same trend line and support area.  An initial support might be around the 23.6% Fib retracement level of the last wave from the $10.05 low to $11.26 high.

Ethereum Price Technical Analysis

I think the price is forming a constructive structure for the next move and just waiting for a catalyst. Now, depending on the catalyst there can be the next wave. In my view, the highlighted trend line holds key in the short term and must hold if the price has to trade higher moving ahead.

Hourly MACD – The MACD is back in the bullish zone, which is a good sign.

Hourly RSI – The RSI is well above the 50 level, calling for more gains in ETH versus the USD.

Major Support Level – $10.95

Major Resistance Level – $11.27

 

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

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Created by industry experts and meticulously reviewed
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