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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ethereum Price Technical Analysis – All Targets Hit, Play Safe

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:27 pm
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • Ethereum price finally tested and broke my much anticipated target of $20.0 against the US Dollar.
  • During my last couple of analysis, I highlighted that the price may test or even break the $20.0 resistance level in the short term.
  • There was a resistance trend line on the hourly chart (data feed via Kraken) of ETH/USD, which was cleared recently to open the doors for more upsides.

Ethereum price finally broke $20.0, which is a sign that the ETH bulls are in control. Can it continue to trade higher or should we trade safe?

Ethereum Price Support

Ethereum price ETH continued to grind higher against the US Dollar, and managed to test plus break the all-important 20.00 level. I mentioned in my last few analysis that a test of the stated level is very likely, as there were a lot of bullish signs visible on the charts. ETH/USD popped higher intraday, and also broke a resistance trend line on the hourly chart (data feed via Kraken).

The price traded as high as $21.00 recently and currently consolidating gains. Can it continue to trade higher from the current levels? Yes, it is possible, but I would say one needs to trade safe as the price is now overextended. The broken resistance level of $20.0 may now act as a support area for ETH/USD.

Ethereum Price Technical Analysis

However, I would not recommend any buy trade setup for some time now. No doubt, it may extend the rally further, but the technical indicators are now suggesting a caution in the near term. So, I think we should wait for a correction before planning for a trade.

Hourly MACD – The MACD may move into the bearish zone, calling a correction in ETH.

Hourly RSI – The RSI is around the overbought levels, which is not a good sign for the ETH bulls.

Major Support Level – $20.00

Major Resistance Level – $21.00

 

Charts courtesy of Kraken via Trading View

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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

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