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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Ethereum Price Weekly Analysis – ETH/USD Could Recover Further

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:36 pm
2 mins read
ethereum technical analysis

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Key Highlights

  • ETH price formed a low near the $360 level and started an upside move against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $370 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair may continue to move higher towards the $440 level as long as it is above $370.

Ethereum price is slightly recovering against the US Dollar and Bitcoin. ETH/USD may recover further if it succeeds in gaining pace above $415.

Ethereum Price Trend

This past week was very heavy since ETH price traded lower towards the $350 level against the US Dollar. The price traded as low as $360 and later it started trading in a range. It consolidated above the $350 level with several rejections from the $360 level. Finally, there was an upside move and the price succeeded in gaining momentum above the $370 level.

During the upside, there a break above a major bearish trend line with resistance at $370 on the 4-hours chart of ETH/USD. The pair traded above the $382 resistance as well, which is a positive sign. The current price action is positive and it seems like the price may move towards $400 and $410. The next major resistance is near the 23.6% Fib retracement level of the last drop from the $595 high to $360 low. Above the $415 level, the 100 simple moving average (4-hours) is at $440 level to prevent gains.

Ethereum Price Weekly Analysis ETH USD

The most important hurdle is near the 50% Fib retracement level of the last drop from the $595 high to $360 low at $477. On the downside, the price must hold the broken resistance at $370 to remain in a positive zone. A break below $370 and $360 supports could ignite further declines.

4-hours MACD – The MACD is now back in the bullish zone.

4-hours RSI – The RSI is currently just above the 55 level.

Major Support Level – $360

Major Resistance Level – $415

 

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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Comments 1

  1. Carol G. Clouse says:
    8 years ago

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  1. Carol G. Clouse says:
    8 years ago

    St­art making extra cash weekly… This can be an amazing side work for everybody… The best part about it ,work from your house and start getting from $100-$2000 every week … Start today and get your first payment at the end of this week……. B1Z.ORG/B5Y

    Reply

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