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

Ethereum Price Analysis: ETH/USD Upsides Capped Near $198

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 declined further and traded towards the $180 level against the US Dollar.
  • There was a break below a key contracting triangle with support at $194 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded as low as $184.15 and it is currently correcting higher towards resistances.

Ethereum price extended losses against the US Dollar and bitcoin. ETH/USD may correct a few points, but upsides are likely to be capped near $196-198.

Ethereum Price Analysis

Yesterday, there was a sharp downside move below the $220 support in ETH price against the US Dollar. The ETH/USD pair even traded below the $200 support and later started an upside correction. However, the upside move was contained and the price was not able to move above the $205-210 zone. The price started a fresh decline and moved below yesterday’s low and the $190 level.

During the slide, there was a break below a key contracting triangle with support at $194 on the hourly chart of ETH/USD. A new monthly low was formed at $184.15 before the price started an upside correction. The price is testing the 50% Fib retracement level of the last drop from the $203 high to $184 low. On the upside, there are many resistances near the $195-198 zone. The broken triangle support and the upper trend line at $196 are likely to prevent gains. Moreover, the 61.8% Fib retracement level of the last drop from the $203 high to $184 low is also likely to act as a resistance.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be approaching key resistances near the $195, $196 and $198 levels. A break above these is needed for a recovery above $200. On the downside, a push below $184 could accelerate losses towards $192.

Hourly MACD – The MACD is back in the bearish zone.

Hourly RSI – The RSI is slowly recovering, but it is still below the 40 level.

Major Support Level – $184

Major Resistance Level – $198

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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

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