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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Ethereum Close Below $350 Could Spark Larger Degree Correction To $330

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:16 pm
2 mins read
Ethereum

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Ethereum tested the $370 resistance before correcting lower against the US Dollar. ETH price could start a larger decrease if it fails to stay above $350 and $348.

  • Ethereum started a fresh decline after trading to a new weekly high near $370.
  • The price is now trading below the $355 support and the 100 hourly simple moving average.
  • There was a break below a major ascending channel with support near $355 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower if it breaks the $350 and $348 support levels.

Ethereum Price is Showing Bearish Signs

Ethereum extended its rise above the $365 resistance, but it failed to clear the $370 level. A new weekly high is formed near $370 and ETH price is currently correcting lower (similar to bitcoin).

There was a break below the $365 and $360 levels to start the current decrease. The bears were able to push ether price below the 50% Fib retracement level of the upward move from the $347 low to $369 high.

More importantly, there was a break below a major ascending channel with support near $355 on the hourly chart of ETH/USD. The pair is now trading below the $355 support and the 100 hourly simple moving average.

Ethereum

Ethereum price settles below $355. Source: TradingView.com

An immediate support is near the $352 level. It is close to the 76.4% Fib retracement level of the upward move from the $347 low to $369 high. The first major support is near the $350 and $348 levels. If ether fails to stay above the $348 support level, there is a risk of a larger degree correction.

The next major support is near the $342 level, below which the bearish might aim a test of the $333 support. It represents the 1.618 Fib extension level of the upward move from the $347 low to $369 high.

Fresh Increase in ETH?

If Ethereum manages to stay above the $352 and $350 support levels, it could attempt a fresh increase. An initial resistance for the bulls could be near $355.

The first key resistance might be $362, above which the bulls are likely to aim a new weekly high above the $369 level. The next major resistance is $375, followed by $388.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently well below the 40 level, with bearish signs.

Major Support Level – $350

Major Resistance Level – $362

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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