Ethereum

bullish

Resistance

Ethereum price corrected gains and traded below the $3,300 level. ETH is consolidating and facing hurdles near the $3,300 resistance zone. 
<ul> 
 <li>Ethereum started a downside correction from the $3,400 resistance.</li> 
 <li>The price is trading below $3,330 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key bullish trend line with support at $3,295 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start another increase if it clears the $3,330 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-extends-losses-below-3-300">Ethereum Price Extends Losses Below $3,300</h2> 
Ethereum price failed to clear the $3,400 resistance zone and started a downside correction, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-gains-65k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH traded below the $3,330 and $3,300 support levels to enter a short-term bearish zone. 
There was a break below a key bullish trend line with support at $3,295 on the hourly chart of ETH/USD. The pair even spiked below the $3,250 support zone. A low is formed at $3,231 and the price is now consolidating losses. It recovered some losses and traded above $3,280. 
The price tested the 50% Fib retracement level of the downward move from the $3,362 swing high to the $3,231 low. Ethereum price is now trading below $3,300 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-stabilizes-3250/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 
If there is a fresh increase, the price could face resistance near the $3,300 level and the 100-hourly Simple Moving Average. The first major resistance is near the $3,330 level and the 76.4% Fib retracement level of the downward move from the $3,362 swing high to the $3,231 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-632405 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_7ec4f3.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 $3,350 level. A close above the $3,350 level might send Ether toward the $3,400 resistance. The next key resistance is near $3,500. An upside break above the $3,500 resistance might send the price higher toward the $3,650 resistance zone in the near term. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,330 resistance, it could continue to move down. Initial support on the downside is near $3,250. The first major support sits near the $3,230 zone. 
A clear move below the $3,230 support might push the price toward $3,180. Any more losses might send the price toward the $3,080 support level in the near term. The next key support sits at $3,020. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $3,230 
Major Resistance Level – $3,330

Ethereum Price Battles Resistance: Can ETH Regain Momentum?

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