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Breaking News: Senate Democrats Lead Inquiry Into Binance: Warren Heads Effort With Letter To DOJ

Ethereum Flirts With Key Resistance: Here’s Why It Could Correct Before Fresh Rise

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:41 pm
2 mins read
Ethereum ETH

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Ethereum price extended its rise above the $220 resistance area against the US Dollar. ETH is currently facing hurdles near $230 and it could correct in the short term.

  • Ethereum is facing a key resistance near the $230 area against the US Dollar.
  • The price might correct a few points towards $223 or $220 before climbing again.
  • There is a major bullish trend line forming with support near $225 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is now trading well above the key $10,000 resistance area.

Ethereum Price Could Correct In Short Term

In the past few days, Ethereum followed a strong uptrend and broke the $210 and $220 resistance levels against the US Dollar. ETH price even settled above the $220 level and 100 hourly simple moving average.

Recently, the price tagged the $230 area, where the bears took a stand. The bulls made two attempts to lead the price above the $230 level, but they failed.

As a result, the price started consolidating gains and it is currently correcting lower from $230. The price dipped below the $225 level before it found support near $224. It bounced back above the 50% Fib retracement level of the recent decline from the $230 high to $224 low.

However, Ethereum is again facing hurdles near the $230 level. Besides, the 76.4% Fib retracement level of the recent decline from the $230 high to $224 low is also acting as a resistance.

On the downside, there is a major bullish trend line forming with support near $225 on the hourly chart of ETH/USD. Therefore, a break below the trend line might push the price towards the $223 support area.

Ethereum Price
Ethereum Price

Any further losses may perhaps lead the price towards the $220 support area. The next major support is near the $215 level. An intermediate support is $218 and the 100 hourly simple moving average.

Fresh Increase?

Once the current consolidation phase or a minor correction is complete, Ethereum price is likely to bounce back above $228 and $230.

A clear break above the $230 resistance level could open the doors for more gains. The main targets this week are $240 and $250. If the price hits $250, there are chances of another downside correction.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently declining and it is now just below the 50 level.

Major Support Level – $222

Major Resistance Level – $230

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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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