As a seasoned crypto investor with years of experience in following Ethereum’s price movements, I have seen many corrections like this one before. The recent downside correction from the $3,500 resistance zone is not surprising to me, and I am keeping a close eye on the price action.
Ethereum‘s price took a turn for the worse at the $3,500 mark of resistance. Consequently, Ether dropped beneath $3,440, and it could find it challenging to maintain its position above $3,380.
- Ethereum is correcting gains from the $3,500 zone.
The price is trading above $3,400 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to decline further if there is a close below the $3,350 support.
Ethereum Price Retreats From $3,500
The cost of Ethereum began to decrease after hitting the resistance of $3,500. It fell beneath the support of $3,450 and $3,440, causing it to move into a brief bearish phase, mirroring Bitcoin‘s trend.
On the hourly chart of ETH/USD, the bullish trend line connecting various highs was breached at the $3,420 mark, acting as a support. The pair dipped further below this level and even fell beneath $3,400, along with the 23.6% Fibonacci retracement level of the uptrend from $3,048 to $3,516.
As a crypto investor, I’m observing that Ethereum has surpassed the $3,380 mark and is now trading above its 100-hour Simple Moving Average. If this trend continues, Ethereum may try to advance further. However, I notice that there’s a strong resistance level around $3,440, which could potentially hinder its growth.
Ether encounters its initial significant obstacle around $3,450. The next significant challenge lies around $3,500. Clearing this level could potentially push Ether towards the resistance at $3,550. The subsequent important resistance is found near $3,620. Surpassing this resistance might lead to further price increases, potentially reaching the resistance area of $3,750 in the upcoming period.
More Downsides In ETH?
If Ethereum is unable to surpass the $3,440 barrier, it may proceed to slide further. A preliminary floor can be found around $3,400 and the 100-hour SMA. The primary support lies in the vicinity of $3,350.
Dropping below the $3,350 mark could lead the price to head towards $3,280 and the 50% Fibonacci retracement point of the rally from $3,048 to $3,516. Further declines may push the price downwards towards the nearby support at $3,200. The next significant support is located at $3,150.
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 below the 50 zone.
Major Support Level – $3,350
Major Resistance Level – $3,440
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2024-07-19 06:40