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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Ethereum Likely Gearing For Lift-Off $400: Recovery Isn’t Over Yet

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:16 pm
2 mins read
Ethereum

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Ethereum recovered above the $350 resistance zone against the US Dollar. ETH price tested the $375 zone and it is currently correcting lower towards the $350 support.

  • Ethereum is currently correcting lower from the $370 and $375 resistance levels.
  • The price is now approaching the 100 hourly simple moving average and the $350 support.
  • There is a declining channel or a bearish flag forming with resistance near $364 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $350 support level to start a fresh increase to $400 in the near term.

Ethereum Price Approaching Strong Support

Yesterday, we saw a strong increase in Ethereum above the $350 resistance level. ETH price even broke the $360 resistance zone and there was a close above the 100 hourly simple moving average.

The price traded to a new weekly high at $377 and it is currently correcting lower. Ether is trading below the $370 and $368 levels. There was a break below the 23.6% Fib retracement level of the upward move from the $325 swing low to $377 high.

The price is now approaching the 100 hourly simple moving average and the $350 support. There is also a declining channel or a bearish flag forming with resistance near $364 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum price trades below $370. Source: TradingView.com

The channel support is near the 50% Fib retracement level of the upward move from the $325 swing low to $377 high. More importantly, the previous resistance near the $350 and $355 levels could provide strong support in the near term.

On the upside, the price is facing a short-term resistance near the channel resistance at $365. A successful close above the $365 resistance may perhaps open the doors for more gains above the $370 level. The next major resistance is near the $378 and $380 levels, above which the price is likely to rise steadily towards the $400 resistance zone.

Bearish Break in ETH?

If Ethereum fails to clear the $365 resistance or the $370 level, there is a risk of a downside break. The main support on the downside is near the $350 level.

A daily close below the $350 support level is likely to start a fresh decline. In the stated case, the bears might aim a retest of the $325 swing low.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently just above the 40 level.

Major Support Level – $350

Major Resistance Level – $365

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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