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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Ethereum Price Technical Analysis – ETH/USD Broke Uptrend

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:20 pm
2 mins read
Ethereum Price Technical Analysis ETH USD

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Key Highlights

  • There was a sharp downside move in ETH price below the $188 support against the US Dollar.
  • There were two bullish trend lines with support at $178 on the hourly chart (ETH/USD, data feed via SimpleFX), which were broken.
  • The price traded towards $140 before starting a recovery above $150.

Ethereum price may have made a short-term top against the US Dollar and Bitcoin, as ETH/USD broke a key support area recently at $178.

Ethereum Price Decline

Yesterday, we were looking for a break above the $191.00-191.50 resistance in ETH price against the US Dollar. The price move above $191.00-191.50 and even broke the $200 level. A new high was formed at $203.45 where the price struggled. Later, ETH lost the bullish momentum, and started a downside move below $200. The price fell sharply and even broke the 50% Fib retracement level of the last wave from the $136.74 low to $203.45 high.

The downside move was such that there was a break of two bullish trend lines with support at $178 on the hourly chart of ETH/USD. The price even traded below the 100 hourly simple moving average at $169. It ignited a sharp decline, and the price moved as low as $139.39. Later, a recovery was initiated, and the price moved back above $150.

Ethereum Price Technical Analysis ETH USD

There was also a close above the 38.2% Fib retracement level of the last decline from the $203.45 high to $139.90 low. However, the recovery stalled near the broken trend lines at $178. Moreover, the 61.8% Fib retracement level of the last decline from the $203.45 high to $139.90 low acted as a resistance. The price is now back below the $170 support. It may once again attempt a break above $178, but very likely to face difficulties. It seems like there is a short-term trend change for ETH/USD with chances of another downside push towards $150.

Hourly MACD – The MACD is now back in the bearish zone.

Hourly RSI – The RSI is well below 50 level and struggling.

Major Support Level – $150.00

Major Resistance Level – $178.00

 

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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