Ethereum

Light

Resistance

Ethereum price seems to be aiming for a decent recovery. ETH could gain bullish momentum if there is a clear move above the $3,110 resistance. 
<ul> 
 <li>Ethereum is slowly moving higher above the $3,000 level.</li> 
 <li>The price is trading above $3,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if there is a close above the $3,110 resistance.</li> 
</ul> 
<h2 id="ethereum-price-eyes-steady-recovery">Ethereum Price Eyes Steady Recovery</h2> 
Ethereum price remained stable above the $2,880 support zone. ETH started a decent upward move and climbed above the $2,950 resistance, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-targets-recovery-60k/" target="_blank" rel="noopener ">Bitcoin</a>. The price even cleared the $3,050 resistance before the bears emerged. 
The pair tested the $3,120 resistance zone. A high was formed at $3,110 and the price is now consolidating gains. There was a minor decline below $3,080. The price declined below the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high. 
Ethereum is now trading above $3,000 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-targets-3320/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $3,080 level. There is also a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-628754 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_3db8b8.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance is near the $3,110 level. The next major hurdle is near the $3,150 level. A close above the $3,150 level might send Ether toward the $3,220 resistance. The next key resistance is near $3,320. An upside break above the $3,320 resistance might send the price higher toward the $3,500 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,110 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,975 zone and the 61.8% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high. 
A clear move below the $2,975 support might push the price toward $2,920. Any more losses might send the price toward the $2,820 level in the near term. 
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 – $2,975 
Major Resistance Level – $3,110

Ethereum Price Targets Upside Break: Positive Indicators Light the Path

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