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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 Breaks Higher

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price finally managed to overtake the $12.70-75 resistance against the US Dollar, and moved higher.
  • Yesterday’s highlighted bearish trend line with resistance at $12.60 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently correcting lower towards $12.75 where it may find support.

Ethereum price surged higher against the US Dollar, broke the $12.75 resistance, and ETH/USD moved towards $13.20 for further gains.

Ethereum Price Buy Dips?

Yesterday, we saw how there was a major resistance formed near $12.60 and $12.70 in ETH price against the US Dollar. Later, the ETH buyers finally managed to gain some pace, and pushed the price above $12.70. During the upside, the price broke many hurdles. First, yesterday’s highlighted bearish trend line at $12.60 was cleared on the hourly chart of ETH/USD (data feed via SimpleFX). Second, the price also broke the 100 hourly simple moving average at $12.60.

Finally, the most important break was near $12.75-77. The stated area acted as a monster barrier for ETH/USD earlier, and a break above it was crucial. It means the price is now following a nice bullish trend. It traded as high as $13.19 where it found resistance and moved down. It is currently correcting lower, and moved below the 23.6% Fib retracement level of the last wave from the $12.07 low to $13.19 high.

Ethereum Price Technical Analysis ETH

However, there is a major support area waiting on the downside at $12.75. The same level was resistance and now may act as a support. Moreover, it also coincides with the 38.2% Fib retracement level of the last wave from the $12.07 low to $13.19 high. So, buying dips near $12.75 may be considered as long as the price is above $12.70.

Hourly MACD – The MACD has moved into the bullish zone, which is a positive sign.

Hourly RSI – The RSI is correcting from the overbought levels, but still above the 50 level.

Major Support Level – $12.70

Major Resistance Level – $13.00

 

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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