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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

Ethereum Price Analysis: ETH/USD Remains Supported Above $220

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 holding the $220 support level very well against the US Dollar.
  • There is a short-term connecting bearish trend line formed with resistance at $225 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $225, $228 and $230 resistance levels to gain momentum in the near term.

Ethereum price remained above key supports against the US Dollar and bitcoin. ETH/USD is placed nicely for more gains above the $214 trend support.

Ethereum Price Analysis

Recently, there was a solid support base formed near the $219-220 zone in ETH price against the US Dollar. The ETH/USD pair started an upside move and settled above the $222 level. There was also a break above the 23.6% Fib retracement level of the recent decline from the $230 high to $220 low. Moreover, the price traded above the $224 level and settled above the 100 hourly simple moving average.

However, the upside move was capped by the $225-226 resistance zone. More importantly, there is a short-term connecting bearish trend line formed with resistance at $225 on the hourly chart of ETH/USD. Additionally, the 50% Fib retracement level of the recent decline from the $230 high to $220 low is also acting as a resistance. If buyers push the price above the trend line and $226, there could be more gains. The next major resistance on the upside above $226 is near the $230 level, which is also a significant pivot level. On the downside, an initial support is near the $222 level and the 100 hourly SMA.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is placed nicely above the $222, $220 and $214 support levels. As long as the price is above the $214 pivot level, there are chances of an upside move. In the mentioned case, the price will most likely move above the $225-226 resistance zone.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently placed above the 50 level.

Major Support Level – $220

Major Resistance Level – $226

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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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