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Breaking News: What's Next For Bitcoin? Two Key Scenarios: Will It Crash To $60,000 Or Surge To $100,000?

Ethereum Price Technical Analysis – ETH Sighting $20.00

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:27 pm
2 mins read
Ethereum Price Technical Analysis

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Key Highlights

  • Ethereum price moved higher after a correction against the US Dollar and traded just as highlighted in yesterday’s post.
  • There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a swing area in the short term.
  • There is a chance of ETH moving towards the $20.00 level if the bulls remain in control.

Ethereum price traded higher just as I highlighted yesterday. Moving ahead, if all goes well, ETH might trade towards the $20.00 level.

Ethereum Price Overbought?

Ethereum price ETH yesterday corrected a few points down to trade near $16.0 where it found buyers against the US Dollar and started to move higher once again. The price has almost retraced all gains, and currently trading near the last swing high of $19.30. Currently, there is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may play a major role in the short term.

If the ETH bulls remain in control, and manages to break the highlighted trend line and resistance area, then a move towards the all-important $20.0 level is possible. It also represents the 1.236 extension of the last drop from the $19.30 high to $16.09 low. So, there is a chance that sellers appearing just around the $20.0-$20.20 levels.

Ethereum Price Technical Analysis

On the downside, the $18.00 level can be seen as an initial support. However, as I mentioned many times, the most important buy zone for ETH/USD is now around $15.0. The stated level was a resistance earlier and now might act as a support area.

Hourly MACD – The MACD just moved into the bullish zone, calling for more gains in ETH.

Hourly RSI – The RSI is above the 50 level, which is a positive sign for the ETH bulls.

Major Support Level – $18.00

Major Resistance Level – $19.30

 

Charts courtesy of Kraken via Trading View

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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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