TA: Ethereum Holds Strong at $2,750: A Strengthening Case for Upside

Aayush Jindal

Last Updated: June 11, 2024 1:59 pm

2 mins read

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Ethereum retested the $2,750-2,780 support zone against the US Dollar. ETH price is recovering and it must clear $3,000 to start a steady increase in the near term.

Ethereum started an upside correction after testing the $2,780 zone.
The price is still trading below $3,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if there is a close above $2,950 and $3,000.

Ethereum Price Faces Hurdle

Ethereum failed to clear $3,150 and started a fresh decline, similar to bitcoin. ETH broke the $3,000 and $2,950 support levels to enter a bearish zone.

The price even settled below $2,950 and the 100 hourly simple moving average. There was a break below $2,800, but the bulls remained active above $2,750. A low is formed near $2,789 and the price is now correcting lower.

Ether climbed above the $2,850 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,165 swing high to $2,789 low. On the upside, an immediate resistance is near the $2,950 level and the 100 hourly simple moving average.

The first major resistance is near the $2,980 level. There is also a major bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,165 swing high to $2,789 low.

Source: ETHUSD on TradingView.com

A break above $2,950 and $3,000 could start a decent increase. The next key resistance is near $3,150, where the bears may possibly take a stand in the near term.

Fresh Decline in ETH?

If ethereum fails to continue higher above the $2,950 and $3,000 resistance levels, it could start a fresh decline. An initial support on the downside is near the $2,825 level.

The main support is still near the $2,780 and $2,750 levels. If ether fails to stay above $2,750, there is a risk of a larger decline. In the stated case, the price might slide towards the $2,650 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

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

Major Support Level – $2,750

Major Resistance Level – $3,000

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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