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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts

Ethereum Price Technical Analysis – ETH/USD’s Short Term Break

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
ethereum

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Key Highlights

  • ETH price is under pressure and moved below the $302 support against the US Dollar.
  • There was a break below a bullish trend line with support at $302 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is now below the 100 hourly simple moving average, but remains supported above $296.50.

Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD might correct a few points, but remains supported above $296.

Ethereum Price Support

There was a sharp rise in bitcoin price, which is putting pressure on ETH price below $305 against the US Dollar. The price failed to gain momentum above $307.50 and started a downside move. It broke the 23.6% Fib retracement level of the last wave from the $285.08 low to $307.57 high. The most important break was below a bullish trend line with support at $302 on the hourly chart of ETH/USD. It opened the doors for more losses below $302.

The pair declined and tested the 50% Fib retracement level of the last wave from the $285.08 low to $307.57 high. It has moved below the 100 hourly simple moving average, but remains supported above $296.50. It might recover from the current levels, but has to move back above $300 and 100 hourly SMA to gain traction. On the upside, the pair needs to clear offers near $304 and $306 to move back in the bullish zone.

Ethereum Price Technical Analysis ETH USD

If the pair fails to move pass $302 and 100 hourly SMA, the $296.50 support might be tested. The next support is around the 61.8% Fib retracement level of the last wave from the $285.08 low to $307.57 high. The overall bias is neutral until bitcoin price settles down.

Hourly MACD – The MACD has moved into the bearish zone.

Hourly RSI – The RSI is currently below the 50 level.

Major Support Level – $296

Major Resistance Level – $304

 

Charts courtesy – SimpleFX

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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

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