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Ethereum Price Technical Analysis – ETH Upside Move Underway

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

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Key Highlights

  • Ethereum price as forecasted yesterday started a recovery and may continue to trade higher vs the US Dollar.
  • There was a nice upside move, as a break above yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD was noted.
  • It looks like the price may climb further in the short term and can test the $13.50 level.

Ethereum price enjoyed a nice recovery vs the US Dollar, and if the current trend in ETH/USD continues, then the price could gain further.

Ethereum Price – Buy Dips

Ethereum price ETH continued to gain strength, and traded higher after posting intraday gains. The upside move was strong enough to break yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD. The recent break looks positive, and if the ETH bulls remain in control, then there are chances of more gains in the short term.

The price also moved above the 50% Fib retracement level of the last drop from the $14.40 high to $10.29 low, which is a bullish sign. Yesterday, I stated that the price may test the 61.8% Fib retracement level of the wave, and it did test it. Moving ahead, there is a possibility of the price moving a few points down before it can continue to move higher.

Ethereum Price Technical Analysis

On the downside, the broken trend line may act as a support area, and can be considered as a buy zone. I think as long as the price is above the 100 SMA, it may gain further. So, buyers can place a stop below the 100 hourly SMA.

Hourly MACD – The MACD may change the slope to the bearish zone to ignite a minor downside.

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

Intraday Support Level – $12.30

Intraday Resistance Level – $12.80

 

Charts courtesy of Kraken via Trading View

Header Image via NewsBTC

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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

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

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