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Breaking News: Bitcoin Correction Timeline: Analyst Predicts Potential Bottom In October 2026

TA: Ethereum At Risk of A Sharp Decline If It Breaks $365 Support

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:07 pm
2 mins read
Ethereum

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Ethereum faced a strong rejection above $380 against the US Dollar. ETH price is now at a risk of a sharp decline if it breaks the key $365 support in the near term.

  • Ethereum struggled to gain momentum above the $380 and $382 levels.
  • The price declined sharply below the 100 hourly simple moving average, and retested $365.
  • There is a key bearish trend line forming with resistance near $378 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline heavily if there is a clear break below the $365 support level.

Ethereum Price Showing Bearish Signs

Ethereum started a steady decline from well above the $385 level. ETH price faced a strong resistance near the $380 and $382 levels, resulting in a drop below the $375 support.

Ether price even broke the $370 support and settled well below the 100 hourly simple moving average. It retested the key $365 support level and it is currently consolidating losses. An initial resistance is near the $372 level.

The first major resistance is near the $374 level or the 50% Fib retracement level of the recent decline from the $382 high to $365 low. More importantly, there is a key bearish trend line forming with resistance near $378 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line is close to the 100 hourly simple moving average and the 76.4% Fib retracement level of the recent decline from the $382 high to $365 low. If there is no recovery above $374 and $378, there is a risk of a downside break below the $365 support.

A proper close below the $365 support may perhaps open the doors for a larger decline. The next major support is near the $355 level.

Fresh Increase in ETH?

If Ethereum stays above the $365 support, it could start a fresh increase. The first key resistance is near the $374 level, but the main hurdle is now forming near $378.

A clear break above the trend line resistance, $378, and the 100 hourly simple moving average could open the doors for a steady rise towards the $388 and $392 levels in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level.

Major Support Level – $365

Major Resistance Level – $374

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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.

Read more

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

Ad discliamer

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