Ethereum

Strong

Resistance

Ethereum price is attempting a fresh increase above the $3,450 resistance zone. ETH must settle above $3,550 to continue higher in the near term. 
<ul> 
 <li>Ethereum slowly moved higher above the $3,450 zone.</li> 
 <li>The price is trading above $3,450 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must clear the $3,520 and $3,550 resistance levels to continue higher.</li> 
</ul> 
<h2 id="ethereum-price-faces-resistance">Ethereum Price Faces Resistance</h2> 
Ethereum price started a decent recovery wave above the $3,400 level. ETH even cleared the $3,420 level to move into a short-term positive zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-spikes-63500/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD. The pair even cleared the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-upside-3480/" target="_blank" rel="noopener ">$3,500 resistance zone</a>. A high was formed at $3,516 and the price is now consolidating gains. 
There was a move below the $3,500 level, but the price remained above the 23.6% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high. 
Ethereum is trading above $3,450 and the 100-hourly Simple Moving Average. The current price action is positive and calling for more upsides. On the upside, the price is facing resistance near the $3,500 level. The first major resistance is near the $3,520 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627136 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major hurdle is near the $3,550 level. A close above the $3,550 level might send Ether toward the $3,650 resistance. The next key resistance is near $3,720. An upside break above the $3,720 resistance might send the price higher. Any more gains could send Ether toward the $3,880 resistance zone. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited In ETH?</h2> 
If Ethereum fails to clear the $3,550 resistance, it could start a downside correction. Initial support on the downside is near $3,480. The first major support sits near the $3,440 zone and the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high. 
A clear move below the $3,420 support might push the price toward $3,350. Any more losses might send the price toward the $3,320 level in the near 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 – $3,420 
Major Resistance Level – $3,550

Ethereum Price Bounces Back Yet Lacks Strong Bullish Drive

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