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TA: Ethereum Recovers, Close Above $392 Could Spark A Strong Rally

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:07 pm
2 mins read

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Ethereum’s ether stayed above the $372 support and recovered nicely against the US Dollar. ETH price is now struggling to clear $392, above which it could rally significantly.

  • Ethereum started a decent recovery wave after it found support near the $372 level.
  • The price is now trading above $382 and testing the 100 hourly simple moving average.
  • There was a break above a key connecting bearish trend line with resistance near $384 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must settle above $392 to initiate a strong rally in the coming sessions.

Ethereum Price is Attempting Upside Break

After diving towards the $372 support, Ethereum held the ground and started a decent upward move. ETH price broke the $380 resistance level to move into a short-term bullish zone.

The upward move was such that ether price surpassed the 23.6% Fib retracement level of the downward move from the $404 swing high to $371 swing low. Moreover, there was a break above a key connecting bearish trend line with resistance near $384 on the hourly chart of ETH/USD.

The price is now facing hurdles near $388 and $390. The 50% Fib retracement level of the downward move from the $404 swing high to $371 swing low is also acting as a resistance. It is now trading above $382 and testing the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

To start a strong rally, ether must clear the $390 resistance and then settle above $392. A successful close above the $392 resistance may perhaps initiate a larger upward move (similar to bitcoin if it clears $14,000) towards the $405 and $412 levels. Any further gains could lead the price towards the $420 resistance level.

Downside Limited in ETH?

If Ethereum fails to clear the $390 and $392 resistance levels, it could react to the downside. An initial support on the downside is near the $382 level.

The first major support is near the $380 level. A clear break below $380 could start another decline towards the main $372 support level. Any more losses is likely to push ether towards the $365 level in the coming sessions.

Technical Indicators

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

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

Major Support Level – $380

Major Resistance Level – $392

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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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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.

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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

Ad discliamer

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

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