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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Ethereum Price Analysis: ETH/USD Under Pressure Below $210

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

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price struggled to break the $208-209 resistance area and it mostly consolidated against the US Dollar.
  • There is a major bullish trend line formed with support at $205 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may correct a few points towards $202 or $200 before it climbs back higher.

Ethereum price is slowly losing grip against the US Dollar and bitcoin. ETH/USD must break the $208 and $209 resistance levels to gain traction.

Ethereum Price Analysis

During the past three sessions, there was a steady rise above the $205 level in ETH price against the US Dollar. The ETH/USD pair even traded above $207 level, but it struggled to clear the $208-209 resistance zone. There were two rejections noted below the $210 level and it seems like buyers are losing momentum. During the recent rise, the price climbed above the 23.6% Fib retracement level of the recent decline from the $220 high to $197 low.

On the downside, there is a decent support formed around $202. There is also a major bullish trend line formed with support at $205 on the hourly chart of ETH/USD. If there is a break below the trend line, the price may test the $202 support and the 100 hourly SMA. Below this, the next key support for buyers is near the $197-198 zone. On the upside, the price has to break the $208-209 resistance. Moreover, the 50% Fib retracement level of the recent decline from the $220 high to $197 low is also near $208.78 to prevent gains.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price could correct lower towards $202 or $197 in the near term. Once a correction wave is complete, there could be an upward move towards the $208 or $212 level.

Hourly MACD – The MACD is currently flat in the bearish zone.

Hourly RSI – The RSI is moving flat, but it is currently well above the 50 level.

Major Support Level – $197

Major Resistance Level – $208

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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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