As an experienced analyst, I have closely watched Ethereum’s price action and have formed an opinion based on the latest developments. Ethereum started a recovery wave from the $3,230 zone but faces strong resistance at the $3,420 level. The price is currently trading below this resistance and the 100-hourly Simple Moving Average, indicating bearish sentiment.
Ethereum‘s price bounced back from its $3,230 support level, surpassing $3,350. However, Ethereum now encounters significant resistance at the $3,420 mark.
- Ethereum started an upside correction from the $3,240 support zone.
The price is trading below $3,420 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $3,420 and $3,450 resistance levels to continue higher.
Ethereum Price Eyes Recovery
As a researcher studying the cryptocurrency market, I observed that Ethereum’s price continued to decline and dipped below the $3,350 mark. It even approached the $3,240 support level before initiating a recovery wave similar to Bitcoin. The value of ETH demonstrated a noticeable increase above the resistance levels at $3,300 and $3,320.
As a crypto investor, I’ve noticed an uptick in buying pressure that pushed the market price above the $3,350 mark. In fact, it even surpassed the 61.8% Fibonacci retracement level following our recent downtrend from the $3,518 peak to the $3,230 trough. Nevertheless, I sense a significant resistance in the vicinity of the $3,420 area.
Another significant trendline is emerging in the Ethereum/USD hourly chart around the $3,410 mark, acting as a barrier to further price increases. Currently, Ethereum hovers below both the $3,420 level and the 100-hour SMA.
As an analyst, I’ve noticed some positive signs for the price. It seems to be encountering obstacles around the trend line and at the $3,420 mark. The first significant resistance lies just above this level, near $3,450. This resistance is also close to the 76.4% Fibonacci retracement level of the price decline from its previous swing high at $3,518 down to its low at $3,230.
Reaching a point just above $3,450 could push Ethereum towards the $3,520 barrier it previously struggled to surmount. Beyond that, significant resistance lies at $3,550. Overcoming this hurdle might propel the price upwards, potentially reaching as high as $3,620. Surpassing this level could give Ethereum the momentum required to advance towards the $3,650 mark, with further gains possibly taking it to the resistance area around $3,720.
Another Drop In ETH?
Should Ethereum be unable to surpass the $3,420 barrier, there’s a risk of another drop. A tentative floor can be found around $3,375. The primary support lies in the vicinity of $3,350.
If the price falls significantly below the $3,350 support, it could potentially lead to a drop in value towards $3,280. Further declines may cause the price to head towards the nearby support at $3,240.
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 – $3,300
Major Resistance Level – $3,420
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2024-06-26 06:42