As a seasoned analyst with extensive experience in following Ethereum’s price action, I have observed that Ethereum price has recently started a correction from the $3,500 resistance zone. Based on my analysis of the chart, it appears that Ether might struggle to maintain its position above the $3,380 support level.
The cost of Ethereum began to drop after hitting the resistance mark of $3,500. Ethereum then fell beneath $3,440 and could find it difficult to remain above the $3,380 threshold.
- Ethereum is moving higher above the $3,500 zone.
The price is trading above $3,520 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above the $3,565 resistance zone.
Ethereum Price Reclaims $3,500
The price of Ethereum stayed strong within an optimistic range, surpassing the $3,350 barrier. Ethereum continued to climb, breaching the $3,500 threshold but didn’t quite keep pace with Bitcoin. A notable surge pushed the price beyond $3,550, reaching a peak of $3,563.
Ethereum currently holds its ground near the 23.6% Fibonacci retracement level of its price surge from the $3,412 swing low to the $3,563 peak. With a value above $3,500 and sitting comfortably above the 100-hour Simple Moving Average, Ethereum displays stability in its upward trend.
An uptrend line is developing on the hourly chart of Ethereum’s price action versus the US dollar, with a key support point at $3,450. This trendline aligns closely with the 76.4% Fibonacci retracement level of the rally that started from the $3,412 swing low and peaked at $3,563.
If the hourly Simple Moving Average (SMA) sits below the current price, the asset may try to advance further. On the other hand, the price encounters resistance at around $3,550. The first significant barrier to surmount is located at $3,580. Another substantial challenge lies ahead around $3,650.
If Ether reaches a point very close to $3,650, it could push the cryptocurrency towards encountering the strong resistance at $3,700. The subsequent significant resistance lies around $3,720. Should Ether manage to surpass this barrier, we may witness further price increases leading up to the $3,800 resistance area in the near future.
Another Decline In ETH?
If Ethereum is unable to surpass the $3,550 barrier, there’s a possibility of a price decline. A initial floor can be found around $3,500. The first substantial support lies in the vicinity of $3,470 and the 100-hour SMA.
Dropping below the $3,470 mark is a significant move that could potentially drive the price down to around $3,440. If the price continues to slide, it may reach the nearby support at $3,350. The next major support lies at $3,320.
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 – $3,500
Major Resistance Level – $3,550
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2024-07-22 06:40