As a seasoned researcher with extensive experience in cryptocurrency markets, I’ve closely monitored Ethereum’s price action and observed that it has been holding steady above the $3,400 resistance zone for some time now. However, my analysis suggests that ETH is facing significant resistance at the $3,500 level and seems to be struggling to break through this barrier.
As a crypto investor, I’ve noticed that Ethereum‘s price has held strong above the $3,400 resistance level. However, it appears that Ethereum is facing some challenges in moving beyond the $3,500 mark and pushing higher.
- Ethereum is holding gains and struggling near the $3,500 zone.
The price is trading above $3,400 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $3,500 and $3,550 resistance levels.
Ethereum Price Faces Key Hurdle, Can It Continue Higher?
The cost of Ethereum continued to thrive in an optimistic market above the $3,350 threshold of resistance. In fact, ETH managed to soar beyond the $3,400 resistance mark, indicating a robustly positive trend. Nevertheless, the price is currently encountering significant resistance around the $3,500 level, while Bitcoin has successfully breached the $65,000 barrier.
At a peak of $3,515, a plateau was established, and currently, prices are reorganizing their advancement. The price experienced a minor pullback and touched the 23.6% Fibonacci retracement mark of the rally that started from the $3,350 swing low and reached $3,515.
As a researcher studying Ethereum’s price action, I observe that the cryptocurrency currently trades above both the $3,400 mark and the 100-hour Simple Moving Average. Additionally, an emerging bullish trend line adds support at around $3,350 on the hourly ETH/USD chart. Looking ahead, resistance can be anticipated near the $3,500 level for Ethereum’s upward movement.
The first significant barrier to advancement lies around the $3,520 mark. Beyond that, the next substantial challenge can be found near $3,550. Clearing the $3,550 threshold could propel Ether towards the resistance at $3,650.
If we move forward, the next significant barrier for the price lies around $3,740. Overcoming this hurdle could potentially push the price upwards, taking it closer to the $3,800 resistance area in the approaching days.
Are Dips Supported In ETH?
If Ethereum is unable to surpass the $3,500 resistance mark, there’s a possibility for a price correction. The first support level can be found around $3,420 and it aligns with the 61.8% Fibonacci retracement level of the price movement from the $3,350 swing low to the $3,515 high.
The first major support sits near the $3,350 zone and the trend line. A clear move below the $3,350 support might push the price toward $3,320. Any more losses might send the price toward the $3,250 support level in the near term. The next key support sits at $3,220.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,350
Major Resistance Level – $3,500
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2024-07-17 06:40