Ethereum

Resistance

Ethereum price failed to clear the $3,520 zone and started a fresh decline. ETH dived below the $3,250 support and even tested the $3,150 zone. 
<ul> 
 <li>Ethereum started a fresh decline below the $3,320 and $3,250 levels.</li> 
 <li>The price is trading below $3,250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could correct losses, but upsides might be limited above the $3,320 zone.</li> 
</ul> 
<h2 id="ethereum-price-takes-hit">Ethereum Price Takes Hit</h2> 
Ethereum price failed to continue higher above the $3,450 and $3,420 resistance levels. ETH started another decline below the $3,320 support zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-58k/" target="_blank" rel="noopener ">Bitcoin</a>. There was a move below the $3,250 and $3,220 support levels. 
The price declined 5% and even tested the $3,150 support. A low was formed at $3,156 and the price is now consolidating losses. There was a move above the $3,200 resistance level. The price is now testing the 23.6% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low. 
Ethereum is trading below $3,300 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-reverses-course-3400/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there is a recovery wave, the price might face resistance near the $3,250 level. The first major resistance is near the $3,300 level or the 50% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627745 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_a062c8.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
There is also a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD. The next major hurdle is near the $3,365 level. A close above the $3,365 level might send Ether toward the $3,450 resistance. The next key resistance is near $3,500. An upside break above the $3,500 resistance might send the price higher. Any more gains could send Ether toward the $3,550 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,320 resistance, it could continue to move down. Initial support on the downside is near $3,200. The first major support sits near the $3,150 zone. 
A clear move below the $3,150 support might push the price toward $3,080. Any more losses might send the price toward the $3,050 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $3,150 
Major Resistance Level – $3,320

Ethereum Price Plummets: Potential Recovery Hindered by Bearish Pressure

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