As a researcher with extensive experience in cryptocurrency markets, I have closely monitored Ethereum’s price behavior. Based on the latest developments, it appears that Ethereum has failed to maintain its upward momentum above the $3,520 resistance level. The price correction has caused ETH to trade below critical support levels such as $3,400 and the 100-hourly Simple Moving Average.
The Ethereum price has been unable to surpass the $3,520 mark and instead retreated, exhibiting bearish tendencies beneath the $3,400 support level.
- Ethereum started a downside correction after it failed to surpass the $3,520 zone.
The price is trading below $3,400 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now at risk of more downsides below the $3,350 support zone.
Ethereum Price Dips Again
As an analyst, I’ve observed that Ethereum’s price failed to advance beyond the resistance levels at $3,520 and $3,550. Following this failure, Ethereum formed a peak around $3,520 and initiated a downward trend similar to Bitcoin. Subsequently, there was a break below the support thresholds of $3,450 and $3,420.
As a researcher observing the cryptocurrency market, I’ve noticed that the bears have managed to push the price below the 50% Fibonacci retracement level of the upward wave from the $3,351 swing low to the $3,516 high. It appears that the price has trimmed most of its gains and is showing signs of potentially continuing its downward movement, dipping further below the $3,350 support zone.
As a crypto investor, I’m observing that Ethereum is currently trading under the $3,400 mark and below the 100-hour Simple Moving Average on the chart. Additionally, it has dipped beneath the 76.4% Fibonacci retracement level of the recent uptrend. This means that the price has moved down by a larger percentage than typical after reaching its high point between $3,351 and $3,516.
Should a price recovery occur, it may encounter obstacles around the $3,400 mark. Additionally, an ominous bearish trendline emerges on the hourly Ethereum-to-USD chart, presenting resistance at approximately $3,410. The initial significant resistance lies around $3,435.
The next major hurdle is near the $3,465 level. A close above the $3,465 level might send Ether toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. Any more gains could send Ether toward the $3,650 resistance zone.
More Losses In ETH?
As a crypto investor, if Ethereum doesn’t manage to surpass the $3,410 resistance level, there’s a possibility it could keep declining. The initial support for Ethereum lies around $3,365. However, the first major support zone is located near $3,350.
If the price falls significantly below the $3,350 mark of support, it could potentially lead to a drop in value towards $3,250. Further declines may cause the price to head towards the nearby resistance at $3,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,350
Major Resistance Level – $3,435
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2024-07-03 06:41