As a seasoned researcher with extensive experience in cryptocurrency markets, I have closely monitored Ethereum’s price action over the past few days. My analysis reveals that Ethereum failed to clear the crucial resistance zone at $3,500 and has started consolidating above the $3,380 support.
The Ethereum price has been unable to surpass the $3,500 barrier for now. Ethereum is currently holding steady above its support at $3,380, indicating a potential future rise.
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Ethereum is correcting gains and struggling near the $3,500 zone.
The price is trading above $3,380 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,375 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise unless there is a close below the $3,350 support.
Ethereum Price Fails To Surpass $3,500
The price of Ethereum attempted to surpass the barrier at $3,500 but faced resistance, resulting in a pullback similar to Bitcoin‘s behavior. A decline ensued, causing the price to drop below key support levels at $3,450 and $3,420.
The price dropped as low as $3,375 and touched a new low at $3,376. Following this, the price has been holding steady above the 23.6% Fibonacci retracement level, which is located at approximately $3,370, after a decline from the peak of $3,516 to the low of $3,376 in the Ethereum/USD market. Additionally, there’s an emerging bullish trend line providing support around the $3,375 level on the hourly chart.
Currently, Ethereum is trading above $3,375 and the 100-hour moving average. Looking ahead, the price may encounter resistance around $3,450 and the 50% Fibonacci retracement mark of the recent dip from the peak of $3,516 to the low of $3,376.
The first significant barrier to progress is around the $3,480 mark. The next significant challenge lies at roughly $3,500. Clearing the $3,500 threshold could potentially push Ether up towards the $3,550 resistance.
As a crypto investor, I’m keeping a close eye on the market and have identified the next significant resistance level at around $3,640. Should we manage to surmount this hurdle with an upswing, it could pave the way for further gains, potentially pushing the price towards the $3,750 resistance area in the near term.
More Downsides In ETH?
Should Ethereum be unable to surmount the $3,450 resistance, it may instead proceed in a descending direction. The initial floor for Ethereum lies around $3,380 and the established trendline.
In simpler terms, the price may hold around $3,350 as a significant support. A drop beneath this point could potentially cause the price to fall towards $3,270. Further decreases might lead the price to approach the $3,220 support in the short term. The next notable support lies 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 – $3,380
Major Resistance Level – $3,450
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2024-07-18 06:42