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

Ethereum Price Weekly Analysis – ETH/USD Upcoming Crucial Break

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

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Key Highlights

  • ETH price remained supported on the downside near $210 against the US Dollar.
  • There is a monster contracting triangle pattern with resistance at $232-235 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely heading towards a major break, which could open the doors for more gains towards $260.

Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD might break higher soon and trade above $240 in the near term.

Ethereum Price Resistance

This past week there was relief for ETH price as it recovered well from the $135 low against the US Dollar. The price after trading as low as $136.16 started a nice upward move. It traded above the 23.6% Fib retracement level of the last decline from the $316.36 high to $136.16 low. This move opened the doors for a decent recovery above $180 in the near term. The next major upside move was above the $205 resistance, which encouraged buyers to step up the momentum.

Later, the price was able to move above the 38.2% Fib retracement level of the last decline from the $316.36 high to $136.16 low and the 100 simple moving average (H4). At the moment, the price is trading near a major hurdle at $232-235. There is a monster contracting triangle pattern with resistance at $232-235 forming on the 4-hours chart of ETH/USD. The price is currently approaching a break and may most likely break the $235 resistance for a move towards $260.

Ethereum Price Weekly Analysis ETH USD

The 50% Fib retracement level of the last decline from the $316.36 high to $136.16 low is also around $230. So, an upside break would mean more gains probably towards the $250 or $260 levels.

4-hours MACD – The MACD is currently placed well in the bullish zone.

4-hours RSI – The RSI is heading higher above the 50 level.

Major Support Level – $205.00

Major Resistance Level – $235.00

 

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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