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Breaking News: Is A New XRP Price Record Imminent? Analyst Forecast Colossal Short Squeeze Ahead

Ethereum Correcting Gains But Here’s Why $230 Could Trigger Another Rally

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:04 pm
2 mins read
Cardano

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Ethereum rallied recently above the $235 resistance region against the US Dollar. ETH is currently correcting gains, but the $230 support might act as a strong buy zone.

  • Ethereum is trading in a positive zone above the $230 and $232 levels.
  • The price rallied above the $240 level and it is currently correcting gains from $244.
  • There was a break below a connecting bullish trend line with support near $240 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to find a strong buying interest near the $232 and $230 levels in the near term.

Ethereum Price Turns Green

In the past few hours, there was a strong bullish price action in Ethereum against the US Dollar. ETH price gained traction and rallied above the $230 and $235 resistance levels.

The upward move was such that the price even spiked above the $240 level and it settled above the 100 hourly simple moving average. A new weekly high is formed near $244 and the price is currently correcting lower.

There was a break below the $240 level, plus the 23.6% Fib retracement level of the recent rally from the $223 swing low to $244 high. Moreover, there was a break below a connecting bullish trend line with support near $240 on the hourly chart of ETH/USD.

Ethereum

Ethereum price trades below $230. Source: TradingView.com

Ether price is currently declining towards the $235 support level. The first major support is near the $232 level or the 50% Fib retracement level of the recent rally from the $223 swing low to $244 high.

On the upside, the price is likely to face selling interest near the $240 level. A successful break above the $240 and $244 resistance levels could open the doors for a strong rise towards the main $250 barrier in the coming sessions.

Bearish Break in ETH?

On the downside, the $232 region is likely to act as a strong buy zone. The next key support is seen near the $230 level (a significant breakout zone).

If there is a downside break and close below the $230 level, Ethereum is likely to move back into a bearish zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $232

Major Resistance Level – $240

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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