Ethereum Above This Confluence Resistance Could Start Strong Increase

Aayush Jindal

Last Updated: June 11, 2024 2:16 pm

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum corrected lower below the $380 level, but it found support near $365 against the US Dollar. ETH price is currently rising, but it must surpass the key $380 zone for a strong upward move.

Ethereum is currently recovering from $365 and trading above the $372 level.
The price is facing a strong resistance near the $380 zone and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $380 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to climb higher towards $400 if it clears the $380 confluence resistance.

Ethereum Price Approaching Major Hurdle

In the past few sessions, Ethereum saw a steady decline from the $395 zone. ETH price broke the key $380 support level and settled below the 100 hourly simple moving average.

There was also a break below the $370 level, but ether price found support near the $365 level. A low is formed near $365 and the price is currently recovering higher. It broke the $370 level, plus the 23.6% Fib retracement level of the downward move from the $388 high to $365 low.

An immediate resistance is near the $375 level. The 50% Fib retracement level of the downward move from the $388 high to $365 low is also near the $376 level to act as a hurdle.

Ethereum price approaching $380. Source: TradingView.com

More importantly, there is a key declining channel forming with resistance near $380 on the hourly chart of ETH/USD. An intermediate resistance for Ethereum is near the $378 level and the 100 hourly SMA.

Ether is clearly facing a confluence resistance near the $378 and $380 levels. A successful break above the channel and $380 could open the doors for a strong increase in the near term. The next major resistance on the upside is near the $395 level, followed by $400.

Fresh Decline in ETH?

If Ethereum fails to surpass $375, $378, and the channel resistance, there is a risk of a fresh decline. An initial support is near the $370 level.

The next major support for the bulls is near the $365 level, below which the bears are likely to aim a test of the key $355 support zone in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still below the 50 level.

Major Support Level – $380

Major Resistance Level – $365

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.

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.

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.