Ethereum Price (ETH) Near Inflection Point With Bearish Angle

Aayush Jindal

Last Updated: June 11, 2024 1:08 pm

2 mins read

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ETH price started a short term upside correction from the $201 low against the US Dollar.
Ethereum price is currently trading near the key $215 resistance area and is showing bearish signs.
There is a key ascending channel forming with support near $212 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could either continue to rise above the $215 resistance or it might resume its downward move.

Ethereum price is trading near a major resistance versus the US Dollar and bitcoin. ETH price is likely to decline again if it fails to surpass the $215-$216 resistance zone.

Ethereum Price Analysis

Recently, we saw a sharp decline in ETH price below the $220 and $215 supports against the US Dollar. The price even broke the $210 support level and settled below the 100 hourly simple moving average. Finally, the price tested the $200-$201 support area. A swing low was formed near $201 and the price started an upside correction above the $205 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $226 swing high to $201 swing low.

The recovery was such that the price climbed above the $215 level and the 100 hourly SMA. However, the price failed to gain strength above the 50% Fib retracement level of the downward move from the $226 swing high to $201 swing low. Additionally, it seems like the price failed to surpass the previous support zone (now resistance) near the $215-216 region.

At the moment, the price is trading well below the $215 level and the 100 hourly SMA. An immediate support is near the $212 level. Furthermore, there is a key ascending channel forming with support near $212 on the hourly chart of ETH/USD. Therefore, if there is a downside break below the $212 support, Ethereum price could resume its decline below the $210 support. The next key support is near the $202 and $201 levels.

On the upside, the main resistance is near the $215 and $216 levels. If there is a successful close above the $216 level, the price could continue to recover. The next stop for the bulls in the mentioned case could be near the $220 and $222 levels.

Looking at the chart, Ethereum price is clearly trading near a couple of important hurdles near the $215 level. In the short term, there could be range moves before the price either breaks $216 or starts a fresh decline.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is moving back into the bullish zone.

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

Major Support Level – $212

Major Resistance Level – $216

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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