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Breaking News: XRP Potential: Four Q1 2026 Triggers That Might Propel Price Beyond $8

Ethereum Price Technical Analysis – ETH Approaching Break 2016-09-06

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:23 pm
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • ETH price remained above a major support area versus the US Dollar and currently positioning for a break.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is still in play and may provide us the next break.
  • On the downside, the $11.45-50 support holds the key and must prevent a downside move.

Ethereum price managed to stay in a positive zone against the US Dollar, and it looks like we can witness a break in ETH/USD moving ahead.

Ethereum Price Support

Ethereum price ETH yesterday managed to hold the ground versus the US Dollar, as the $11.45-50 support area prevented a downside. The stated support holds a lot of importance, and it looks like it won’t be easy for sellers to break it. However, on the flip side, there is a major resistance on the upside as well. Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is a crucial hurdle.

The price is stuck between a major support and a bearish trend line. The ETH bulls need to clear the trend line resistance along with the 23.6% Fib retracement level of the last drop from the $12.30 high to $11.44 low for more gains. If they succeed, then there is a high possibility of a break of the 100 hourly simple moving average.

Ethereum Price Technical Analysis

In my view, as long as the price is above the $11.40 level, it may move back higher. The next resistance on the upside could be at 61.8% Fib retracement level of the last drop from the $12.30 high to $11.44 low. If at all, there is a break of $11.40, then a move towards $11.00 is possible.

Hourly MACD – The MACD is slightly in the bearish zone, but may move in the bullish zone soon.

Hourly RSI – The RSI is just around the 50 level, and waiting for buyers to gain control.

Major Support Level – $11.45

Major Resistance Level – $11.65

 

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

Ad discliamer

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