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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/USD About To Rise?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
2 mins read
Ethereum Price Technical Analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price managed to remain above the $9.40 support area against the US Dollar, and may trade higher.
  • There is an ascending channel pattern formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which taking the price higher.
  • The price is currently above the 100 hourly simple moving average, which is a positive sign.

Ethereum price looks like trading above a channel support against the US Dollar, and ETH/USD may continue to slowly rise higher.

Ethereum Price Support Zone

There was a rise towards $9.90 in ETH price against the US Dollar recently where it found sellers, and started a downside move. There was a dip below the 50% Fib retracement level of the last wave from the $9.00 low to $9.88 high. It ignited a downside wave towards the $9.20 support. Somehow, the stated level acted as a support and protected more losses in the short term.

The price also found support near the 76.4% Fib retracement level of the last wave from the $9.00 low to $9.88 high. So, there is a chance that the ETH/USD pair may have completed a correction wave. It is now trading above the $9.40 support area, and following an ascending channel pattern formed on the hourly chart (data feed via SimpleFX). As long as the pair is following the highlighted channel, there are possibilities of more gains in the near term towards $9.70.

Ethereum Price Technical Analysis

Another important point is the fact that the channel support coincides with the 100 hourly simple moving average. So, the $9.40 level represents a good support. A break below it could only ignite losses in ETH, and take the price towards the last swing low of $9.20.

Hourly MACD – The MACD is almost flat with no sign of a major move.

Hourly RSI – The RSI is just above the 50 level, but with no momentum.

Major Support Level – $9.40

Major Resistance Level – $9.80

 

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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