As a seasoned crypto investor with several years of experience under my belt, I’ve seen Ethereum’s price action many times before. And based on the current market conditions and technical analysis, it seems that Ethereum is consolidating gains below the $3,650 resistance zone.
The price of Ethereum advanced beyond $3,500, yet faced challenges around $3,580. For Ethereum to progress positively, it needs to surmount the resistance at $3,650.
- Ethereum is consolidating gains below the $3,650 resistance zone.
The price is trading above $3,500 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with resistance near $3,585 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $3,600 and $3,650 resistance levels.
Ethereum Price Consolidates
The cost of Ethereum began to rise significantly from its support at $3,350. After establishing a foundation, Ethereum surpassed the resistance levels of $3,450 and $3,500. Notably, Ethereum’s price growth outpaced Bitcoin, allowing it to overcome the $3,550 barrier.
As a crypto investor, I’ve noticed that the bearish sentiment has picked up pace below the $3,600 mark. The price reached a new high at $3,586 before consolidating some gains. We experienced a slight pullback and dipped below the $3,550 level. Additionally, the price dropped below the 23.6% Fibonacci retracement level, which is a key support level derived from the upward move that started at the $3,350 swing low and peaked at $3,586.
The price of Ethereum hovers above the $3,500 mark and the 100-hour Simple Moving Average. Additionally, an emerging trendline indicates a potential resistance level around $3,585 on Ethereum’s hourly chart versus the US dollar.
The price may encounter obstacles around $3,580 or the indicated channel before advancing. The initial barrier to progress lies at approximately $3,620. The primary hurdle is situated at $3,650. A surge past this resistance could potentially propel the price upwards.
As a crypto investor, I’m keeping a close eye on the price action of Ethereum (ETH). The next significant resistance level lies at $3,720. If we manage to break above this point, ETH could potentially gather momentum and head towards the $3,750 mark. A decisive move beyond $3,750 might push ETH further upwards, towards the formidable resistance at $3,880. Should ETH continue its bullish trend, it may even challenge the $4,000 resistance zone in the near future.
Another Drop In ETH?
As a researcher studying the Ethereum market, if it fails to surpass the $3,600 resistance level, there’s a risk of another downturn. The initial support lies around $3,520 and the trendline of the channel. My analysis indicates that the first significant support is located at $3,500.
As an analyst, I would interpret a break below the $3,500 support as a potential indicator for further downside price action. This could potentially push the price towards the $3,465 mark or even reach the 50% Fibonacci retracement level of the upward trend from the $3,350 swing low to the $3,586 high. Should the losses continue, we may see the price approaching the near-term support at $3,400.
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 – $3,500
Major Resistance Level – $3,600
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2024-06-20 06:22