Ethereum Price Could See “Liftoff” If ETH Clears This Resistance

Aayush Jindal

Last Updated: June 11, 2024 8:20 am

2 mins read

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Ethereum price started a recovery wave above the $1,780 level against the US Dollar. ETH must clear $1,820 to start a decent increase in the near term.

Ethereum is currently consolidating below the $1,820 resistance zone.
The price is trading below $1,820 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $1,818 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if it settles above the $1,820 resistance.

Ethereum Price Recovery Faces Hurdle

Ethereum’s price extended its decline below the $1,800 zone. ETH even declined below the $1,780 level before the bulls appeared near $1,760, similar to Bitcoin.

A low was formed near $1,761 and the price is currently attempting a recovery wave. It is trading above the 23.6% Fib retracement level of the key decline from the $1,872 swing high to the $1,761 low. Ether is now trading below $1,820 and the 100-hourly Simple Moving Average.

There is also a major bearish trend line forming with resistance near $1,818 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the key decline from the $1,872 swing high to the $1,761 low.

Immediate resistance is near the $1,818 zone and the trend line. The first major resistance is near the $1,820 level. A close above the $1,820 resistance could send Ether toward $1,845.

Source: ETHUSD on TradingView.com

The next resistance sits near $1,875, above which Ethereum could rise toward $1,920. Any more gains above the $1,920 resistance zone could push the price toward the $2,000 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,820 resistance, it could start another bearish wave. Initial support on the downside is near the $1,785 level.

The next major support is near the $1,760 zone or the recent swing low. If there is a close below the $1,760 support, the price could start another major decline. In the stated case, the price might drop toward the $1,700 support zone. Any more losses may perhaps send the price toward the $1,660 level in the coming days.

Technical Indicators

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

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

Major Support Level – $1,785

Major Resistance Level – $1,820

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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