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Ethereum Price Weekly Analysis – ETH/USD to Correct Lower?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ethereum Price Weekly Analysis ETH USD

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Key Highlights

  • ETH price climbed higher this past week above the $880 level before facing sellers against the US Dollar.
  • There is a major bearish trend line forming with resistance at $860 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently correcting higher and it may correct further towards the $740 and $720 levels.

Ethereum price started a decent upside move against the US Dollar and Bitcoin. ETH/USD is currently correcting lower since it struggling to break the $890-900 levels.

Ethereum Price Trend

This past week, there was a good start to a new upside wave in ETH price above the $700 level against the US Dollar. The price made good ground and it was able to move above the $750 and $800 levels. However, the price struggled to move above the $880-900 resistance levels. It faced a strong sell zone near the $895-900 levels, which ignited a downside correction.

More importantly, there is a major bearish trend line forming with resistance at $860 on the 4-hours chart of ETH/USD. The pair recently failed to move above the trend line and declined below $850. It has breached the 23.6% Fib retracement level of the last wave from the $553 low to $897 high. The current trend is a bit bearish with signs of sellers around the $850-860 levels. On the downside, there is a major support near the $740 level. Moreover, the 50% Fib retracement level of the last wave from the $553 low to $897 high is near $725.

Ethereum Price Weekly Analysis ETH USD

Therefore, the $725-740 zone is a decent support and the price may find bids near the stated levels. Below the mentioned $725, the price may once again come under bearish pressure. On the upside, the price has to close above $860 and $890 to gain upside momentum.

4-hours MACD – The MACD is currently moving lower in the bullish zone.

4-hours RSI – The RSI has moved below the 50 level.

Major Support Level – $725

Major Resistance Level – $860

 

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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