As a seasoned analyst with extensive experience in cryptocurrency markets, I have closely monitored Ethereum’s price action over the past few days. With a keen eye for trends and technical analysis, I have observed Ethereum’s failure to surpass the $3,500 resistance zone, resulting in a correction and consolidation above the $3,400 level.
The Ethereum price has halted its advance past the $3,500 resistance mark. After a correction, Ethereum is now hovering around $3,400.
- Ethereum is consolidating below the $3,500 resistance zone.
The price is trading below $3,480 and the 100-hourly Simple Moving Average.
There is a key declining channel forming with resistance at $3,470 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if there is a clear move above the $3,500 resistance zone.
Ethereum Price Stuck In A Range Below $3,550
As a researcher studying the Ethereum market, I’ve observed that the price failed to surpass the resistance zone of $3,550. In response, Ethereum corrected its gains and fell below the $3,500 mark, similar to Bitcoin‘s trend. The bearish pressure grew strong enough to push the price down further, dipping below the $3,450 level.
Near $3,390, a low point was established and the price has since been ascending. There was a significant push above the $3,420 mark. The price surge also surpassed the 50% Fibonacci retracement threshold of the downward trend from the $3,540 peak to the $3,390 trough. Nevertheless, bears remain vigilant around the $3,500 region.
As a crypto investor, I’ve noticed that ETH/USD failed to surpass the 61.8% Fibonacci retracement level of $3,459 during its recent downtrend from the peak at $3,540 to the low of $3,390. Additionally, an evident declining channel has emerged on the hourly chart, with resistance set at $3,470.
As a crypto investor, I’m observing that Ethereum is currently trading beneath the $3,500 mark and below its 100-hour Simple Moving Average. Looking upwards, there’s resistance at the $3,480 price point. The first significant barrier to surmount lies at the $3,500 level. Beyond that, Ethereum would encounter further resistance near $3,520.
Reaching a point very close to $3,520 could encourage Ether to advance, potentially reaching the $3,550 barrier. The next significant resistance lies around $3,650. Overcoming this resistance could lead Ether’s price to rise further, aiming for the $3,800 resistance area.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,500 resistance mark, there’s a risk of another price drop. A preliminary floor can be found around $3,420. The primary support lies in the vicinity of the $3,400 region.
If the price falls significantly below the $3,400 mark of support, it could potentially lead the way to $3,340. Further declines may even push the price towards the nearby support level at $3,320. The crucial support level lies at $3,250 in the near future.
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 – $3,400
Major Resistance Level – $3,500
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2024-07-24 06:40