As an experienced financial analyst, I’ve seen my fair share of market fluctuations, and Ethereum’s recent price action is a reminder that cryptocurrencies are inherently volatile. After Ethereum failed to break above the resistance levels at $3,450 and $3,420, it plunged below key support zones, including $3,320, $3,250, and even tested the $3,150 mark.
The Ethereum price was unable to surpass the $3,520 mark and instead took a downturn. Ethereum dropped beneath the $3,250 support level and approached the $3,150 region.
- Ethereum started a fresh decline below the $3,320 and $3,250 levels.
The price is trading below $3,250 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct losses, but upsides might be limited above the $3,320 zone.
Ethereum Price Takes Hit
The price of Ethereum halted in its advance above the $3,450 and $3,420 thresholds, instead sliding downward. Similar to Bitcoin, ETH initiated a fresh drop beneath the $3,320 support area. The value declined further below the $3,250 and $3,220 support lines.
The cost dropped by 5% and dipped as low as $3,156, which served as a strong support. Subsequently, the price has been regrouping, trying not to lose any more ground. Previously, there was a surge over the $3,200 resistance mark. Now, the cost is assessing the 23.6% Fibonacci retracement level derived from the descent of the peak at $3,426 to the trough at $3,156.
Ethereum currently trades under the $3,300 mark and falls short of the 100-hour Simple Moving Average. Should a rebound occur, Ethereum may encounter resistance around the $3,250 region. The initial significant resistance lies at either the $3,300 level or the 50% Fibonacci retracement mark from the peak of $3,426 to the low of $3,156.
As an analyst, I’ve noticed a significant bearish trend emerging in Ethereum’s hourly chart against the US Dollar. This trend line sets a resistance level around $3,325. The next major obstacle for Ether lies at the $3,365 mark. Overcoming this hurdle could propel Ether toward the $3,450 resistance. Further gains would then encounter resistance near $3,500. A breakthrough above this level might push the price even higher. Ultimately, any continued upward momentum could potentially take Ethereum to the $3,550 resistance zone.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,320 barrier, there’s a likelihood it may carry on descending. A preliminary floor can be found around $3,200. The primary support lies in the vicinity of the $3,150 region.
If the price falls significantly below the $3,150 mark of support, it could potentially lead to a drop towards $3,080. Further declines may cause the price to head towards the nearby support at $3,050.
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 – $3,150
Major Resistance Level – $3,320
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2024-07-04 06:40