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

Ethereum Price Technical Analysis – Positive Signs for ETH/USD

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

  • ETH price moved higher recently against the US Dollar, and traded close to the $10.55 level.
  • Yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) was broken at $10.25-10.30 for an upside move.
  • The price is now back lower, but may find support near $10.30-10.25.

Ethereum price managed to move above the $10.30 resistance against the US Dollar, which is a positive sign for the ETH/USD buyers in the near term.

Ethereum Price Resistance

Yesterday, we saw how ETH price was struggling to clear the $10.25-10.30 resistance against the US Dollar. Later, the price gained strength and somehow managed to break the $10.30 resistance. The upside was so strong that the price also cleared the 50% Fib retracement level of the last decline from the $10.47 high to $10.20 low. Moreover, the price also settled above the 100 hourly simple moving average at $10.28, opening the doors for more gains.

Lastly, the price also moved past yesterday’s highlighted bearish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $10.25. So, there was a good bullish wave towards the $10.55 level where sellers appeared. The price once again started trading lower and moved below $10.40. There was also a break below the 38.2% Fib retracement level of the last wave from the $10.20 low to $10.52 high.

Ethereum Price Technical Analysis

However, the last resistance at $10.25-10.30 may now act as a support. It also coincides with the 76.4% Fib retracement level of the last wave from the $10.20 low to $10.52 high. Overall, the price is back down, but might gain bids near $10.25-10.30 in the short term.

Hourly MACD – The MACD is in the bullish slope, but slowly the momentum is fading and changing.

Hourly RSI – The RSI is heading towards the 50 level where it may find support.

Major Support Level – $10.30

Major Resistance Level – $10.50

 

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.

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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