As a researcher with a background in cryptocurrency analysis, I have been closely monitoring the Ethereum price action. Based on my observation and technical analysis, it appears that Ethereum is attempting to break above the resistance zone at $3,420. The price has managed to move higher above this level and is currently trading above it as well as above the 100-hourly Simple Moving Average.
Ethereum‘s price is making an effort to surge past the $3,420 barrier for new gains. However, Ethereum has been having a hard time surmounting the resistance at $3,480 and $3,520.
- Ethereum slowly moved higher above the $3,420 zone.
The price is trading above $3,400 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $3,480 and $3,520 resistance levels to continue higher.
Ethereum Price Recovers Slightly
As an analyst, I’ve noticed that Ethereum’s price has been making strides in its recovery phase, surpassing the $3,350 mark and reaching as high as $3,400. In fact, Ethereum has shown remarkable performance compared to Bitcoin during this period. On an hourly chart for ETH/USD, there was a significant break above a bearish trend line that had resistance around $3,390.
As a researcher studying financial market trends, I observed that the pair breached the $3,450 resistance zone, reaching a new high at $3,482. Currently, the price action is consolidating these gains. However, there was a brief downturn causing the price to dip below the 23.6% Fibonacci retracement level derived from the upward price swing between the $3,328 swing low and $3,482 high.
As a researcher observing the market, I notice that the bulls are currently taking steps to minimize potential losses, focusing on the support area below the $3,420 mark. At present, Ethereum hovers above this price point and also remains above its 100-hour Simple Moving Average.
Ether’s price encounters significant resistance around the $3,480 mark. The first substantial barrier lies at $3,500. Overcoming this level could lead Ether to challenge the resistance at $3,520. A successful breakthrough above $3,520 might propel Ether towards the next resistance at $3,550.
If we move forward, the next significant obstacle for Ethereum’s price lies around $3,620. Overcoming this barrier could lead to further upward momentum, potentially pushing the price towards the $3,740 resistance area.
Another Drop In ETH?
As an analyst, I would assess that if Ethereum is unable to surpass the $3,480 resistance, a potential decline may ensue. The initial floor in this scenario can be found around $3,420. The primary support lies in the vicinity of the $3,400 zone and coincides with the 50% Fibonacci retracement level derived from Ethereum’s upward trajectory, which started at its swing low of $3,328 and peaked at $3,482.
Dropping beneath the $3,400 mark of support could potentially drive the price down to around $3,320. Further losses may cause a swift decline towards the $3,240 level 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 – $3,400
Major Resistance Level – $3,480
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2024-06-28 06:40