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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Ethereum Price Technical Analysis – ETH/USD Struggle Continues

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • ETH price continues to face selling pressure below the $425 pivot level against the US Dollar.
  • There are two key bearish trend lines forming with resistance around $420 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently under pressure and it is following a bearish path below $428.

Ethereum price faced a lot of selling pressure against the US Dollar and Bitcoin. ETH/USD is now below $410 and eyeing more declines.

Ethereum Price Resistance

It seems like there is no stopping sellers as ETH price declined below the $420 and $410 levels against the US Dollar. The price failed to correct substantially and faced heavy offers near $425. Moreover, the 38.2% Fib retracement level of the last drop from the $461 high to $410 also acted as a hurdle. A fresh downside wave was initiated and the price moved below the $410 support. A new low was formed at $397.30 and is currently correcting higher.

It moved above the 23.6% Fib retracement level of the last decline from the $460.54 high to $397.30 low. However, it once again faced sellers and struggled to break the $425 zone. There are also two key bearish trend lines forming with resistance around $420 on the hourly chart of ETH/USD. These trend lines are near the 38.2% Fib retracement level of the last decline from the $460.54 high to $397.30 low. Therefore, it won’t be easy for buyers to break the $420-425 resistance zone.

Ethereum Price Technical Analysis ETH USD

In short, it seems like the price is still in a downtrend below $425. It might retest the last swing low of $397 in the short term. Below $397, the price could accelerate decline towards the $380 support zone in the near term.

Hourly MACD – The MACD has slightly reduced its bearish slope.

Hourly RSI – The RSI is still below the 50 level and is struggling to move higher.

Major Support Level – $397

Major Resistance Level – $425

 

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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