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

This Simple Technical Pattern Could Resend Ethereum Above $350

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

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Ethereum is struggling to gain momentum above $340 and $350 against the US Dollar. ETH price could start a strong increase if it clears the 100 hourly SMA at $350.

  • Ethereum is facing an uphill task near the $340 and $350 resistance levels.
  • The price is trading in a range above $320 and below the 100 hourly simple moving average.
  • There is a key declining channel forming with resistance near $340 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could clear the 100 hourly SMA and $350 if it surpasses the channel resistance.

Ethereum Price Facing Hurdles

Yesterday, Ethereum broke the $340 and $350 resistance levels. However, ETH price struggled to gain momentum above $355 and stayed well below the 100 hourly simple moving average, invalidating a possible bullish breakout.

Ether price started a fresh decline below the $340 support level. It broke the 50% Fib retracement level of the upward move from the $323 low to $355 high. There was also a spike below the $335 support level.

It is currently trading near the 76.4% Fib retracement level of the upward move from the $323 low to $355 high. Ether seems to be facing a major resistance near the $340 level. There is also a key declining channel forming with resistance near $340 on the hourly chart of ETH/USD.

Ethereum

Ethereum price trades below $340. Source: TradingView.com

If there is a break above the channel resistance, the bulls might attempt to clear the 100 hourly SMA at $350. If they succeed, there are chances of a steady rise above the $355 and $360 levels in the near term.

The next major resistance is near the $370 level, above which the price is likely to move into a positive zone and it could revisit the $400 hurdle.

Bearish Break in ETH?

If Ethereum continues to struggle near $350 and the 100 hourly SMA, there is a risk of a bearish break. An initial support on the downside is near the $325 level.

The next major support is near the $315 and $310 levels. A daily close below the $310 low is likely to spark another sharp decline. In the stated case, the price may even dive below the $300 support level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now just above the 40 level.

Major Support Level – $325

Major Resistance Level – $350

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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.

Read more

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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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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