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Breaking News: What's Next For Bitcoin? Two Key Scenarios: Will It Crash To $60,000 Or Surge To $100,000?
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Breaking News: What's Next For Bitcoin? Two Key Scenarios: Will It Crash To $60,000 Or Surge To $100,000?

Ethereum Is Trading Near Crucial Resistance, Are Bulls Ready For A Surge?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:46 pm
2 mins read
Ethereum

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Ethereum is slowly recovering and trading towards the $120 resistance against the US Dollar. ETH price could climb higher sharply if there is a clear break above $120 and $124.

  • Ethereum is showing a few positive signs above the $110 support zone against the US Dollar.
  • It is currently testing a major hurdle near the $120 resistance area.
  • Two key bearish trend lines are acting as a hurdle near $119-$120 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is gaining traction and it is now testing the $5,350 resistance.

Ethereum Price Could Surge In Short Term

After settling above the $100 level, Ethereum started a steady increase against the US Dollar. ETH price broke the $110 and $112 resistance levels to start a decent recovery.

The bulls were able to push the price above the $215 level, but it is still below the 100 hourly simple moving average. At the outset, the price is flirting with the 23.6% Fib retracement level of the last drop from the $134 swing high to $101 low.

More importantly, two key bearish trend lines are acting as a hurdle near $119-$120 on the hourly chart of ETH/USD. It seems like Ethereum is facing a strong barrier near the $119 and $120 levels.

Ethereum Price
Ethereum Price

An immediate resistance above the trend line is near the $122 level since it is close to the 61.8% Fib retracement level of the last drop from the $134 swing high to $101 low.

The next key resistance is near the $124 level and the 100 hourly simple moving average. Therefore, a successful break above the $120 and $124 resistance levels might open the doors for a strong upward move in the near term. The next key hurdle for the bulls is near the $134 and $142 levels.

Another Rejection?

If Ethereum fails to clear both trend line and the $120 resistance, it could start a fresh decrease. An initial support is near the $115 level, below which the bears are likely to take control.

The next major support is near the $112 and $110 levels. Any further losses are likely to lead the price back towards the $100 support zone in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently just above the 50 level, with a flat structure.

Major Support Level – $112

Major Resistance Level – $120

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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

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