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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

Ethereum Price Analysis: ETH/USD Struggling To Hold Gains Above $210

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

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Key Highlights

  • ETH price gained traction recently and rallied above $212 against the US Dollar.
  • There are two connecting bullish trend lines formed with support at $206 and $204 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is struggling to stay above the $210 level and it could test the $204 support.

Ethereum price is showing positive signs against the US Dollar and bitcoin. ETH/USD may correct lower in the short term towards $206 or $204.

Ethereum Price Analysis

There was a solid support base formed near $198 in ETH price against the US Dollar. The ETH/USD pair started an upward move and traded above the $205, $212 and $216 levels. The upside move was strong as there was a close above the $205 level and the 100 hourly simple moving average. The price traded as high as $218 and later started a sharp downside correction.

It moved below the 50% Fib retracement level of the recent wave from the $198 low to $218 high. The recent decline was sharp, but the price is now approaching the $204-206 support area. There are also two connecting bullish trend lines formed with support at $206 and $204 on the hourly chart of ETH/USD. The second trend line is close to the 61.8% Fib retracement level of the recent wave from the $198 low to $218 high. Therefore, if the price continues to decline, it could find a solid support near the $204-206 zone. Below $204, the price may test the $200 handle.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price clearly struggled to stay above $210, but it is still well supported above $204. On the upside, an initial resistance is at $212, above which the price could trade past $215. The main hurdle for the current rally is near the $221 level.

Hourly MACD – The MACD is moving back in the bearish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $204

Major Resistance Level – $212

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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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