Ethereum

Base

Resistance

Ethereum price seems to be forming a base above the $2,820 level. ETH could break the $3,160 resistance and rise toward the $3,320 resistance. 
<ul> 
 <li>Ethereum is consolidating losses above the $2,880 level.</li> 
 <li>The price is trading above $3,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance near $2,960 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 $3,160 resistance.</li> 
</ul> 
<h2 id="ethereum-price-eyes-more-upsides">Ethereum Price Eyes More Upsides</h2> 
Ethereum price retested the $2,820 support zone. ETH seems to be forming a base above $2,820 and recently started a consolidation phase, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stabilizes-55k/" target="_blank" rel="noopener ">Bitcoin</a>. There was a recovery wave above the $2,880 and $2,920 resistance levels. 
There was also a break above a key bearish trend line with resistance near $2,960 on the hourly chart of ETH/USD. The pair tested the $3,080 resistance zone. A high was formed at $3,072 and the price could aim for more upsides in the near term. 
Ethereum is now trading above $3,000 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-settles-below-3k/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. It is also above the 23.6% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high. 
If there is another recovery wave, the price might face resistance near the $3,080 level. The first major resistance is near the $3,150 level. The next major hurdle is near the $3,200 level. A close above the $3,200 level might send Ether toward the $3,320 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-628493 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,350. An upside break above the $3,350 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 $3,150 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,960 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high. 
A clear move below the $2,960 support might push the price toward $2,880. 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 gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. 
Major Support Level – $2,960 
Major Resistance Level – $3,150

Ethereum Targets $3,320: Bulls Eye Recovery with Base Formation

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