Ethereum Price Technical Analysis – ETH/USD to Rise Short-term

Aayush Jindal

Last Updated: June 11, 2024 1:23 pm

2 mins read

Ethereum Price Technical Analysis ETH USD

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Highlights

ETH price is slowly moving higher and is currently trading above $830 against the US Dollar.
There is a major bullish trend line forming with support at $832 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair is likely to grind higher and it could even trade above the $860 resistance in the near term.

Ethereum price is slightly bullish against the US Dollar and Bitcoin. ETH/USD is eyeing further gains with supports on the downside at $832 and $825.

Ethereum Price Support

There was a fresh downside wave in ETH price from the $865 high against the US Dollar. The price traded lower and broke the $850 and $840 levels. It traded as low as $814 where buyers prevented further declines. An upside wave was initiated and the price was able to move above the 23.6% Fib retracement level of the last decline from the $865.19 high to $814.03 low.

On the downside, there is a major bullish trend line forming with support at $832 on the hourly chart of ETH/USD. The pair is likely to follow the trend line and move above $840. An immediate resistance is around the 50% Fib retracement level of the last decline from the $865.19 high to $814.03 low. However, the price is likely to move higher and it may soon break the $850 resistance, and settle above the 100 hourly simple moving average. The most important resistance on the upside is at $865. It is a pivot level for a move towards $890.

In the short term, the price is likely to move higher towards $865. Any further gains would depend on how sellers react when the price test the $865 level.

Hourly MACD – The MACD is currently showing a few bullish sign, but it is lacking upside momentum.

Hourly RSI – The RSI has just moved above the 50 level, which is a positive sign.

Major Support Level – $830

Major Resistance Level – $865

Charts courtesy – SimpleFX

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.

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.