Ethereum

Mirror

Resistance

Ethereum price extended losses and tested the $3,080 support zone. ETH is recovering and might aim for a test of the $3,350 resistance zone. 
<ul> 
 <li>Ethereum tested $3,080 and started a recovery wave.</li> 
 <li>The price is trading below $3,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up if it stays above the $3,180 support zone.</li> 
</ul> 
<h2 id="ethereum-price-recovers-above-3-200">Ethereum Price Recovers above $3,200</h2> 
Ethereum price extended losses below the $3,250 support zone. ETH even declined below $3,150 and tested the $3,080 support zone. A low is formed at $3,087 and the price is now rising but lacks momentum like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move above the $3,200 resistance. The price cleared the 23.6% Fib retracement level of the downward move from the $3,500 swing high to the $3,087 low. Besides, there was a break above a connecting bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD. 
Ethereum is still trading below $3,350 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-drops-3200-2/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there are more upsides, the price could face resistance near the $3,300 level. 
The first major resistance is near the $3,350 level, the 100-hourly Simple Moving Average, and the 61.8% Fib retracement level of the downward move from the $3,500 swing high to the $3,087 low. The next major hurdle is near the $3,400 level. A close above the $3,400 level might send Ether toward the $3,500 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631657 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,720 resistance zone in the coming days. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near $3,185. The first major support sits near the $3,120 zone. 
A clear move below the $3,120 support might push the price toward $3,080. Any more losses might send the price toward the $3,020 support level in the near term. The next key support sits at $2,950. 
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 – $3,185 
Major Resistance Level – $3,350

Ethereum Targets Recovery: Can It Mirror Bitcoin’s Performance?

Table of Contents

NewsBTC

Other articles published on Jul 26, 2024

Floki Announces Valhalla Sponsorship for India’s Tour of Sri Lanka, Targeting 220M Viewers

SBI Holdings Partners with Franklin Templeton to Launch Bitcoin ETF in Japan

Do 88% APY Staking Rewards Offer a Faster Route to Crypto Millions Than Arbitrum?

Shiba Inu Dodges Sub-$0.000016 Plunge Amidst Bitcoin-Fueled Market Rout

New Memecoin Pepe Eats Solana Will Skyrocket 19,000% Ahead of Exchange Listing, As SHIB and DOGE ...

Chainlink Join Hands With Wenia to Boost Transparency of Colombian Peso-Backed Stablecoin

Join our free newsletter for daily crypto updates!