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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains
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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains

Ethereum Price Weekly Analysis – ETH/USD Could Break Down

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 is under a lot of selling pressure and it remains below the $750 level against the US Dollar.
  • There is a key connecting bearish trend line forming with resistance at $710 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains in a downtrend and it could even break the $660 and $650 support levels.

Ethereum price is trading in a negative zone against the US Dollar and Bitcoin. ETH/USD may continue to face sellers and it could soon trade towards $600.

Ethereum Price Downtrend

There was a nasty decline in ETH price from well above $800 this past week against the US Dollar. The price started a downside move and traded below the $800 and $700 support levels. The downside pressure was aggressive and the price traded as low as $642.63. A recovery wave was initiated from the mentioned low, but the recovery was capped by the $740 level.

It moved above the 23.6% Fib retracement level of the last drop from the $873 high to $642 low. However, buyers were not able to push the price above the $740-750 resistance. Moreover, there was a failure near the 50% Fib retracement level of the last drop from the $873 high to $642 low. There was a major rejection noted from the $750 level and the price declined. On the upside, there is also a key connecting bearish trend line forming with resistance at $710 on the 4-hours chart of ETH/USD.

Ethereum Price Weekly Analysis ETH USD

As long as the price is below the trend line and $720, it remains in a downtrend. Further to the topside, there is another bearish trend line with current resistance at $820. On the downside, the recent low near $642 is a short term support. A push below $642 could take the price towards $600.

4-hours MACD – The MACD is moving back in the bearish.

4-hours RSI – The RSI is currently near the 30 level.

Major Support Level – $600

Major Resistance Level – $720

 

Charts courtesy – Trading View

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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