As an experienced analyst, I have closely observed Ethereum’s price behavior over the past few days. Ethereum extended its losses and tested the critical support zone at $3,240 after failing to surpass the $3,500 resistance. The bears took control of the market, pushing the price below the $3,320 support level.
The cost of Ethereum continued to slide beneath the $3,320 mark, touching the $3,240 support level. Now, Ethereum is looking forward to a potential uptick, aiming to surpass the $3,380 resistance threshold.
- Ethereum extended losses and tested the $3,240 support zone.
The price is trading below $3,400 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,440 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could attempt a decent increase above the $3,380 and $3,400 resistance levels.
Ethereum Price Founds Support
The price of Ethereum had a hard time initiating a new rise above the $3,500 threshold. Mimicking Bitcoin‘s downward trend, ETH‘s value dipped below the $3,350 mark. The bears successfully drove the price below the $3,320 support level.
At a price of $3,230, a trough was reached and the market is currently reversing course to recoup some losses. There were brief rises above the $3,300 and $3,320 thresholds. The price has surpassed the 23.6% Fibonacci retracement level – a key benchmark following the descent from the peak of $3,517 to the bottom at $3,230.
The value of Ethereum is currently under $3,450 and hasn’t reached the 100-hour Simple Moving Average yet. Looking ahead, potential barriers for Ethereum’s price increase include the $3,375 mark or the 50% Fibonacci retracement point of the recent decline from the peak of $3,517 to the trough of $3,230.
“The first significant barrier to advancement lies around the $3,450 mark for Ethereum against the US Dollar. Additionally, an ominous downtrend line is emerging on the hourly chart, presenting resistance at approximately $3,440.”
The primary barrier to further advancement is located at $3,540. If this hurdle is surpassed, the price may accelerate, potentially reaching the $3,620 threshold and beyond, paving the way for a move towards $3,650. Any additional growth could propel Ether toward the resistance area around $3,720 in the near future.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,450 threshold, there’s a risk of another price drop. A preliminary floor can be found around $3,325. The primary support lies in the vicinity of $3,240.
If the price falls significantly below the $3,240 mark of support, it could potentially lead to a drop in value down to around $3,200. Further declines may result in the price heading towards the nearby support at $3,120.
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 above the 50 zone.
Major Support Level – $3,240
Major Resistance Level – $3,450
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2024-06-25 06:40