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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

Ethereum Price (ETH) Correcting Gains, Another Dip Before Higher?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:45 pm
2 mins read
technical analysis ethereum

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  • ETH price climbed higher recently above $220 before starting a downside correction against the US Dollar.
  • The price traded as high as $226 and recently declined below the $220 support area.
  • There is a short term declining channel (may be bullish flag) forming with resistance near $218 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might decline towards the $210 support level before it could bounce back.

Ethereum price is currently correcting gains versus the US Dollar, and bitcoin is back below $10,000. ETH price might soon revisit the $210 support area before it could rise again.

Ethereum Price Analysis

Yesterday, we saw a decent upward move in Ethereum price above the $210 resistance against the US Dollar. The ETH/USD pair even broke the $220 resistance level and the 100 hourly simple moving average. Finally, there was a push above $225 and new swing high was formed at $226. The price is currently correcting gains and it recently declined below the $220 support level.

Moreover, the price traded below the 23.6% Fib retracement level of the recent recovery from the $200 low to $226 high. The price is now trading below the $218 level and the 100 hourly simple moving average. It seems like there is a short term declining channel (may be bullish flag) forming with resistance near $218 on the hourly chart of ETH/USD. An immediate support is near $213 plus the 50% Fib retracement level of the recent recovery from the $200 low to $226 high.

However, the main support for the bulls is near the $210 level. The stated $210 level was a resistance earlier and now it might protect losses. Additionally, the 61.8% Fib retracement level of the recent recovery from the $200 low to $226 high is also near the $210 level.

On the upside, the $218 and $220 levels are important hurdles for the bulls. If there is a successful break above the $220 resistance plus a close above the 100 hourly SMA, the price could restart its upward move. The next resistance is near the $226 level, above which it could test the $230 resistance.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is currently correcting gains and it might continue to decline below $215. However, the $210 support level could act as a strong buy zone. If the price fails to stay above $210, it could decline back towards the $200 support.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently declining and it is now well below the 50 level.

Major Support Level – $210

Major Resistance Level – $220

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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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