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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ethereum Price Analysis: ETH/USD Could Rebound In Short Term

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis ethereum

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Key Highlights

  • ETH price retested the $100 support area and recovered slightly against the US Dollar.
  • Yesterday’s important bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher in the short term towards the $114 and $118 resistance levels.

Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD could test the key $118 resistance area in the short term.

Ethereum Price Analysis

Yesterday, we saw a fresh decline below the $112 level in ETH price against the US Dollar. The ETH/USD pair even broke the $110 and $106 support levels. Besides, there was a close below $110 and the 100 hourly simple moving average. The decline was such that the price retested the $100 support area where buyers emerged. A low was formed near $99 and later the price started a short term correction.

It moved above the $206 level and the 23.6% Fib retracement level of the recent drop from the $119 high to $99 low. However, the price is currently facing a tough resistance near $110-112. Moreover, yesterday’s important bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD. Around the trend line, the 100 hourly SMA is positioned at $112. Besides, the 61.8% Fib retracement level of the recent drop from the $119 high to $99 low is at $111. Therefore, the $110-112 zone is a significant resistance for buyers. A break above $112 could push the price towards the next major resistance at $118.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is slowly recovering above $106 and $108. However, a proper close above the $118 level is needed for a larger upward move. If not, the price may decline back towards the $100 level.

Hourly MACD – The MACD is moving nicely in the bullish zone.

Hourly RSI – The RSI is now placed well above the 50 level.

Major Support Level – $100

Major Resistance Level – $118

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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

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Created by industry experts and meticulously reviewed
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