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

TA: Ethereum Breaks USD 4K, Indicators Suggest Short-term Recovery

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:00 pm
2 mins read
Ethereum Price ETH

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Ethereum extended decline below the $4,200 support against the US Dollar. ETH spiked below $4,000 and it might now correct higher in the short-term.

  • Ethereum started a fresh decline from the $4,350 and $4,300 resistance levels.
  • The price is now trading below $4,200 and the 100 hourly simple moving average.
  • There is a new rising channel forming with support near $4,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend losses if there is a proper close below $4,000 in the near term.

Ethereum Price Turns Red

Ethereum faced a strong resistance near the $4,350 zone. ETH formed a top near $4,350 before there was a sharp decline. The bears gained strength for a move below the $4,200 support and the 100 hourly simple moving average.

The decline extended below the $4,100 level. Ether price even spiked below the $4,000 level and a low is formed near $3,958. It is now consolidating near the $4,000 level. An immediate resistance on the upside is near the $4,050 level.

The 23.6% Fib retracement level of the recent decline from the $4,343 swing high to $3,958 low. The next major resistance is near the $4,100 level. There is also a new rising channel forming with support near $4,000 on the hourly chart of ETH/USD.

Ethereum Price

The main barrier is now forming near the $4,150 zone. It is near the 50% Fib retracement level of the recent decline from the $4,343 swing high to $3,958 low. A break above the $4,150 level may possibly spark a fresh rally. The next key resistance is near the $4,250 level. Any more gains could lead the price towards the $4,350 level in the near term.

More Losses in ETH?

If ethereum fails to climb above the $4,150 and $4,200 resistance levels, it could extend its decline. An initial support on the downside is near the $4,000 level.

The first major support is near the $3,950 level. A clear break below the $3,950 support could spark additional losses. The next major support is near the $3,850 level, below which the price could slide towards the $3,500 level in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is slowly moving higher towards the 50 level.

Major Support Level – $4,000

Major Resistance Level – $4,150

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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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