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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Ethereum Price Weekly Analysis – ETH/USD Overcoming Odds

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

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Key Highlights

  • ETH price was back in action against the US Dollar and moved back above the $18.00 handle.
  • It looks like the ETH/USD pair (data feed via SimpleFX) completed a correction near !6.06 and recovered.
  • The pair is heading higher, and it looks like it may break the last high at $20.54.

Ethereum price made a nice bounce back against the US Dollar, and ETH/USD now looks set for further gains above $19.50.

Ethereum Price Bullish Trend

This past week was amazing for ETH price, as it moved down and corrected lower against the US Dollar and Bitcoin. Later, the correction was over and the price recovered. The ETH/USD pair traded as low as $16.06, and then started to move back higher. It looks like the correction wave was over near $16.06, and now back in the bullish zone. The price is now trading with a positive zone with moved above the $18.00 level and $19.00. These are positive signs and might push the price further higher in the near term.

There was a downside move towards the 23.6% fib retracement level of the last wave from the $5.69 low to $20.54 high. Once the price completed the correction near the stated fib level, it moved back higher. Later, the price moved higher, and moved above the 50% fib retracement level of the last decline from the $20.54 high to $16.06 low. If the current trend remains intact, there is a chance of a move above the last high of $20.54.

Ethereum Price Weekly Analysis ETH

If the momentum stays, the price could trade towards the most important high near $21.50. Overall, the price is trading with a positive tone, and remains buy on dips.

Daily MACD – The MACD is now well placed in the bullish zone.

Daily RSI – The RSI is into the overbought levels, and signaling a minor pullback once again.

Major Support Level – $19.00

Major Resistance Level – $20.54

 

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

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