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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 Analysis – Sell Targets Achieved, Now What?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • Ethereum price collapsed against the US Dollar and even created a new low below $11.00 (as per Kraken data feed).
  • Yesterday’s bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD acted as a perfect resistance and pushed the price down.
  • The price after trading below $11.00 recovered well and currently above the $11.20 support area.

Ethereum price spiked down to complete a downside thrust against the US Dollar. Can it recover or will it continue to trade down?

Ethereum Price Resistance

Ethereum price continued to move down versus the US Dollar, as the ETH/USD pair traded below the $11.00 area. There was a sharp downside move looking at the hourly chart candles, as yesterday’s bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD acted as a perfect barrier for the upside move.

My yesterday’s idea of a sell trade was correct, and my view of more losses in ETH/USD paid off. Going forward, I think one needs to be very careful if planning to sell ETH. I think there are high chances of a recovery in the near term. However, in order for the price to move higher, it needs to break the highlighted trend line and resistance area. Moreover, the 100 hourly simple moving average is also positioned on the upside to stall the upside move in ETH/USD.

Ethereum Price Technical Analysis

In order for the price to start a recovery, it has to close above the 50% Fib retracement level of the last drop from the $13.00 high, and close above the 100 hourly SMA. I think one must wait for some time before planning to trade in the short term.

Hourly MACD – The MACD is moving into the bullish slope, which can be an initial sign of a recovery.

Hourly RSI – The RSI is still below the 50 level, which is a divergence signal.

Major Support Level – $11.00

Major Resistance Level – $12.00

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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