As a researcher with experience in analyzing cryptocurrency markets, I see Ethereum attempting to break above the resistance at $3,450. The price action is positive as it trades above the 100-hourly Simple Moving Average and has broken above a bearish trend line. However, Ethereum must clear the significant resistance levels at $3,520 and $3,550 to continue its upward momentum.
Ethereum‘s price is making an effort to surge past the $3,450 barrier for new growth. For Ethereum to continue rising in the short term, it needs to surpass and hold the $3,550 level.
- Ethereum slowly moved higher above the $3,450 zone.
The price is trading above $3,450 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $3,520 and $3,550 resistance levels to continue higher.
Ethereum Price Faces Resistance
As a crypto investor, I’ve noticed that Ethereum’s price has been making a solid comeback, breaking above the $3,400 mark. Not only that, but it managed to surpass the $3,420 threshold, putting us in an optimistic position for the short term, much like Bitcoin.
On the hourly chart of Ethereum against the US Dollar, a significant breach occurred above a prominent bearish trend line, which previously offered resistance around $3,415. The pair managed to surpass the $3,500 resistance area as well. A new high was established at $3,516 and currently, Ethereum is consolidating its gains.
The price dipped slightly below the $3,500 mark, yet it didn’t fall below the 23.6% Fibonacci retracement line of the bullish trend that started from the $3,350 swing low and peaked at $3,516.
Ethereum currently trades above $3,450 and hovers above its 100-hour moving average. This bullish trend is indicated by a positive price action, suggesting potential further gains. However, Ethereum encounters resistance near the $3,500 mark. The first notable resistance level can be found at around $3,520.
Approaching barriers lie around the $3,550 mark. Clearing this threshold may propel Ether towards the $3,650 resistance. The subsequent significant resistance is found at approximately $3,720. Overcoming this resistance could potentially drive the price upward. Further advancements might push Ether toward the $3,880 resistance area.
Are Dips Limited In ETH?
Should Ethereum be unable to surpass the $3,550 barrier, a potential reversal may ensue. The initial floor for Ether lies around $3,480. Notably, the primary support area can be found in the vicinity of $3,440 and coincides with the 50% Fibonacci retracement mark of the rally from $3,350 to $3,516.
As a crypto investor, if the price of my digital asset falls significantly below the $3,420 mark, I would expect it to continue heading downward towards the $3,350 support level. If the losses persist, the price could potentially slide further down to around $3,320 in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,420
Major Resistance Level – $3,550
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2024-07-01 06:58