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Ethereum Price Technical Analysis – Double Top Formation

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • ETH after struggling to clear a major resistance area against the US Dollar moved down.
  • There is a chance that the ETH/USD pair is forming a double top pattern on the hourly chart (data feed via SimpleFX).
  • If the current trend remains intact, there is a possibility of a test of the 100 hourly simple moving average.

Ethereum price ETH might have made a short-term top against the US Dollar, and may correct lower in the near term.

Ethereum Price Correction

Ethereum price ETH tested the $12.65 level a couple of times against the US Dollar during the past few sessions, but failed to break it. The ETH bulls failed to break the stated resistance area, and as a result there was a downside move. Yesterday’s highlighted short-term bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was also broken during the downside move.

Moreover, the price closed below the 38.2% Fib retracement level of the last leg from the $10.85 low to $12.66 high. So, there is a chance of an extension of the current correction. One important point to note is that the price may be forming a double top pattern around $12.65. There were two rejections around the stated level, so there can be a move towards $11.50.

Ethereum Price Technical Analysis

If the price continues to correct lower, then a test of the 61.8% Fib retracement level of the last leg from the $10.85 low to $12.66 high is possible, which is at $11.54. The stated level holds a lot of importance, as the 100 hourly simple moving average is positioned just below it. All in all, the price may correct further, but remains supported on the downside.

Hourly MACD – The MACD is about to change the slope to the bearish zone, calling for more downsides.

Hourly RSI – The RSI also moved below the neutral level.

Major Support Level – $11.50

Major Resistance Level – $12.20

 

Charts courtesy – SimpleFX

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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

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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