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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Ethereum Price Technical Analysis – ETH/USD Persistent Range

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:20 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price remained lifeless and was seen trading in a range above $12.50 against the US Dollar.
  • There is a clear bearish trend line with resistance near $12.75-12.80 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
  • On the downside, the pair remains supported near $12.40, which is the range lower end.

Ethereum price was seen trading in a range with resistance at $12.80 against the US Dollar. Let’s see what’s stopping the ETH/USD pair.

Ethereum Price Range

During the past two days, there was almost no action in ETH price against the US Dollar. The price was seen trading in a range with resistance near $12.75 and $12.80. After trading as high as $13.24, the price started a correction, and traded towards $12.40. The price found support, and likely completed a correction. However, there no major move after that, and the price traded in a range.

The price is currently above the 23.6% Fib retracement level of the last decline from the $13.24 high to $12.42 low. It also traded towards $12.75-12.80 levels on a couple of occasions where it failed, and moved down. At the moment, the price is below the 38.2% Fib retracement level of the last decline from the $13.24 high to $12.42 low. There is no sign of a move in the short term. We need to see how long the price can trade in a range before breaking $12.80.

Ethereum Price Technical Analysis ETH USD

Also, a bearish trend line is formed on the hourly chart of ETH/USD (data feed via SimpleFX) with resistance near $12.75-12.80. So, a clear break above $12.80 might take the price higher in the near term.

Hourly MACD – The MACD is moving with a flat structure with no real direction.

Hourly RSI – The RSI is just moving up and down with no sign of a break in the short term.

Major Support Level – $12.40

Major Resistance Level – $12.80

 

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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