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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Ethereum Price Analysis: ETH Resumes Decline, Can $100 Hold Losses?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:33 pm
2 mins read
technical analysis ethereum

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  • ETH price failed to hold gains above the $105 level and declined sharply against the US Dollar.
  • There was a break below a major bullish trend line with support at $105 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might correct higher in the short term, but the $106 and $107 levels are likely to prevent gains.

Ethereum price started a fresh decline against the US Dollar and bitcoin. ETH/USD is still at a risk of a major downside break if the $100 support fails to hold.

Ethereum Price Analysis

After a decent upside correction, ETH price faced a strong resistance near the $110 level against the US Dollar. The ETH/USD pair topped near the $111 level and started a fresh decline. It broke the $107 support to enter a bearish zone. Later, buyers were able to push the price below the 50% Fib retracement level of the last leg from the $101 low to $111 high. More importantly, there was a break and close below $105 plus the 100 hourly simple moving average.

During the decline, there was a break below a major bullish trend line with support at $105 on the hourly chart of ETH/USD. The pair is now trading in a bearish zone below the $105 level and the 100 hourly SMA. An initial support is near the $103 level. It coincides with the 76.4% Fib retracement level of the last leg from the $101 low to $111 high. If the price fails to stay above the $103 level, there is a risk of a drop to $101. The main support remains at $100, below which sellers are likely to take control.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price might correct higher in the short term, but there are many hurdles on the upside near $106. The key resistance is near the $107 level and the 100 hourly SMA, above which the price may retest $110.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD has moved back in the bearish zone.

Hourly RSI – The RSI for ETH/USD declined and moved below the 50 level, with a bearish angle.

Major Support Level – $101

Major Resistance Level – $107

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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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