As a seasoned researcher with years of experience in the cryptocurrency market, I find myself closely monitoring the recent developments in Ethereum (ETH) price action. After a successful surge above the $3,250 resistance level, ETH extended its gains and even tested the $3,400 zone. However, a subsequent correction has brought it back near the $3,280 mark, where it currently stands firm, supported by the 100-hourly Simple Moving Average and a bullish trend line.
1. Ethereum‘s price encountered difficulty surpassing the $3,400 barrier and experienced a pullback, but currently holds steady around $3,280. It may potentially try to rise again in the short term.
- Ethereum started a downside correction from the $3,400 resistance.
The price is trading near $3,280 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase unless there is a close below the $3,250 support zone.
Ethereum Price Holds Firm While Bitcoin Dips
The price of Ethereum has surged past $3,250 and successfully breached the resistance at $3,350, reaching as high as $3,400. A recent pullback from the peak at $3,395 occurred, but it was less pronounced than Bitcoin’s correction.
The cost dropped beneath the $3,350 mark, which serves as a support level. It also fell below the halfway point of the price recovery from the $3,201 trough to the $3,395 peak.
Ethereum currently hovers around $3,280 in value and the 100-hour Simple Moving Average. Additionally, a significant bullish trend line is emerging on the hourly chart for ETH/USD at roughly $3,280. This trend line approaches the 61.8% Fibonacci retracement level of the price increase from $3,201 to $3,395.
1. If we see a new rise in price, it may encounter obstacles around the $3,350 mark. The primary obstacle lies near $3,400, followed by another challenge at approximately $3,440. Overcoming the $3,440 level might propel Ether towards the resistance at $3,500.
If we move forward, the significant resistance lies around $3,550. Overcoming this barrier could lead the price to advance towards the $3,720 resistance area in the imminent future.
More Losses In ETH?
Should Ethereum be unable to surpass the $3,350 resistance mark, it may instead head in a descending direction. An initial floor for this potential decline can be found around $3,280. The first substantial support lies close to the $3,250 region and the trendline.
Dropping beneath the $3,250 mark as a definite step could potentially lead to a decline towards $3,180. Further losses might propel the price in the direction of the nearby support at $3,120. The significant support level lies at $3,080.
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 – $3,250
Major Resistance Level – $3,350
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2024-07-30 06:42