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Ethereum Price Technical Analysis – Can ETH/USD Hold $360?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
2 mins read
ethereum technical analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price failed to gain traction and declined back towards the last swing low near $360 against the US Dollar.
  • There was a break below a major ascending channel with support at $395 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is trading near the $362 and $360 support levels, and it remains at a risk of more declines.

Ethereum price is struggling to hold important supports against the US Dollar and Bitcoin. ETH/USD could even break the $360 level for more losses in the near term.

Ethereum Price Support

Yesterday, there was a tiny upside move above $400 in ETH price against the US Dollar. However, the price failed to gain traction and started a downside move from well above $405. It declined and broke the 61.8% Fib retracement level of the last upside wave from the $360 low to $417 high. It opened the doors for more losses and the price moved below the $400 level and the 100 hourly simple moving average.

During the downside, there was a break below a major ascending channel with support at $395 on the hourly chart of ETH/USD. These are negative signs below the $395 resistance. At the moment, the price is trading near the last swing low of $360. It may correct higher towards the 23.6% Fib retracement level of the last downside wave from the $418 high to $364 low. If the price fails to correct higher, it could even break the $364 low. However, a break below the $360 level could open the doors for more losses.

Ethereum Price Technical Analysis ETH USD

On the flip side, a break above the $395 and $400 levels is needed for a decent recovery. Above $395-400, the price could retest the last high near $418.

Hourly MACD – The MACD is attempting to move back in the bullish zone.

Hourly RSI – The RSI is now well below the 50 level.

Major Support Level – $360

Major Resistance Level – $395

 

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
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