As a seasoned researcher with years of experience tracking cryptocurrency markets, I’ve seen my fair share of bull runs and corrections. The recent correction in Ethereum’s price from the $3,400 resistance to trading below $3,300 is no exception. This consolidation phase seems to be a common occurrence in this volatile market, much like how a cat toys with its prey before the final pounce.
The cost of Ethereum temporarily dropped back after a rise, trading beneath the $3,300 mark. Currently, Ethereum appears to be holding steady but encountering obstacles at the $3,300 price level, which serves as a resistance barrier.
- Ethereum started a downside correction from the $3,400 resistance.
The price is trading below $3,330 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $3,295 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it clears the $3,330 resistance zone.
Ethereum Price Extends Losses Below $3,300
In simpler terms, the cost of Ethereum didn’t manage to surpass the $3,400 barrier and instead began a decline similar to Bitcoin. Ethereum’s price dropped below the $3,330 and $3,300 support levels, moving into a temporary bearish phase.
On the hourly Ethereum to US Dollar chart, a significant drop occurred beneath a crucial bullish trend line that had been holding at $3,295. The pair momentarily dipped below its support zone of $3,250 as well. A low was established at $3,231, and currently, the price is stabilizing following this decline. However, it briefly regained some losses and surpassed $3,280.
The cost dipped to a point that matched the 50% Fibonacci retracement level during the drop from the peak of $3,362 to the low of $3,231. At present, Ethereum’s price hovers below $3,300 and falls short of the 100-hour Simple Moving Average.
As an analyst, if I observe a new price rise, I anticipate potential resistance around the $3,300 mark, coinciding with the 100-hour Simple Moving Average. The initial significant resistance lies at approximately $3,330, which also aligns with the 76.4% Fibonacci retracement level of the downward trend from the $3,362 peak to the $3,231 trough.
As a crypto investor, I’m keeping an eye on the Ether price. The next significant challenge appears to be around the $3,350 mark. If we manage to close above this level, it could push Ether towards the $3,400 resistance. Further up, the key resistance lies near $3,500. Should we break through that $3,500 resistance, it might propel the price upward, potentially aiming for the $3,650 resistance zone in the short term.
Another Decline In ETH?
As a crypto investor, if Ethereum doesn’t manage to break through the $3,330 resistance level, it might continue moving lower. Should that happen, my initial safety net would be around $3,250. However, the first significant support I’d look for is situated near the $3,230 zone.
If the price falls significantly below the $3,230 resistance point, it could potentially drop to around $3,180. Further declines might lead to the $3,080 support being tested in the short term. The crucial support level to watch out for is at $3,020.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,230
Major Resistance Level – $3,330
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2024-07-31 06:23