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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Ethereum Price Analysis: ETH/USD’s Recovery Won’t Be Easy

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:31 pm
2 mins read
technical analysis ethereum

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Key Highlights

  • ETH price is slowly recovering, but there are many hurdles on the upside near $224-225 against the US Dollar.
  • There is a short-term ascending channel in place with support at $214 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $213 and $210 levels to recover further towards the $224 level.

Ethereum price is struggling to gain traction against the US Dollar and bitcoin. ETH/USD is likely to face a strong selling interest near the $224 level.

Ethereum Price Analysis

Recently, we saw a decent buying interest near the $204 level in ETH price against the US Dollar. The ETH/USD pair started an upward recovery and moved above the $210 level. There was also a break above the 23.6% Fib retracement level of the recent slide from the $245 high to $204 swing low. However, the upside move was capped by the $222-224 zone and the 100 hourly simple moving average.

The price is currently under pressure below $224 and the 100 hourly SMA, and is testing the previous resistance at $213. There is also a short-term ascending channel in place with support at $214 on the hourly chart of ETH/USD. As long as the pair is above the channel support, there could be more gains above the $220 level. However, the $224 level is a significant resistance. It coincides with the 50% Fib retracement level of the recent slide from the $245 high to $204 swing low. Above the $224 level, there is a bearish trend line in place with resistance at $232 on the same chart.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly struggling to gain bullish momentum above $220 and 100 SMA. On the downside, a break below the channel support may push the price towards $204.

Hourly MACD – The MACD is slightly placed in the bearish zone.

Hourly RSI – The RSI is currently positioned with a flat structure above the 50 level.

Major Support Level – $213

Major Resistance Level – $224

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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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