TA: Ethereum Just Reversed and $1,700 Seems Imminent, Here’s Why

Aayush Jindal

Last Updated: June 11, 2024 9:24 am

2 mins read

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Ethereum started a major recovery wave from $1,500 against the US Dollar. ETH rallied nearly 10% and might aim a move towards the $1,700 resistance.

Ethereum started a major increase after the bulls appeared near the $1,500 zone.
The price is now trading above $1,600 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear $1,650 to continue higher towards $1,700 in the near term.

Ethereum Price Aims Higher

Ethereum saw a major decline below the $1,600 support similar to bitcoin. ETH even dived below $1,550 before the bulls took a stand.

It seems like the bulls defended the $1,500 support. A low was formed near $1,490 and the price started a major increase. There was a clear move above the $1,550 and $1,580 resistance levels. Ether even cleared the 50% Fib retracement level of the key drop from the $1,685 swing high to $1,490 low.

It is now trading above $1,600 and the 100 hourly simple moving average. The price even spiked above the $1,650 level. It is also consolidating near the 76.4% Fib retracement level of the key drop from the $1,685 swing high to $1,490 low.

An immediate resistance on the upside is near the $1,650 level. Besides, there is a key bearish trend line forming with resistance near $1,650 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The next major resistance is now forming near the $1,675 level. Any more gains may perhaps open the doors for a move towards the $1,700 resistance in the near term. A clear move above the $1,700 resistance could pump the price towards the $1,800 level.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,650 resistance, it could start a fresh downside correction. An initial support on the downside is near the $1,610 zone.

The next major support is near $1,585 and the 100 hourly simple moving average. A downside break below the $1,585 support might start a sharp decline. In the stated case, ether price might decline towards the $1,540 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,585

Major Resistance Level – $1,650

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.
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