Ethereum

Resistance

Drops

Ethereum price started a major decline from the $3,500 resistance zone. ETH is down over 8% and might continue to decline toward the $3,120 support. 
<ul> 
 <li>Ethereum is gaining bearish pace from the $3,500 resistance zone.</li> 
 <li>The price is trading below $3,400 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down toward the $3,120 support zone.</li> 
</ul> 
<h2 id="ethereum-price-dives-below-3-350">Ethereum Price Dives Below $3,350</h2> 
Ethereum price failed to start a fresh increase above the $3,500 resistance zone. ETH started a fresh decline and traded below the $3,400 support zone. It declined by over 8% more than <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-65k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD. The pair even declined below the $3,200 level and tested $3,180. A low is formed near $3,183 and the price is showing signs of more losses. 
Ethereum is now trading below $3,400 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-holding-pattern-3400/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there is a recovery wave, the price could face resistance near the 23.6% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low at $3,250. 
The first major resistance is near the $3,300 level. The next major hurdle is near the $3,350 level and the 50% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low. A close above the $3,350 level might send Ether toward the $3,380 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631422 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_5d1062.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,425. An upside break above the $3,425 resistance might send the price higher toward the $3,500 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,250 resistance, it could continue to move down. Initial support on the downside is near $3,180. The first major support sits near the $3,120 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 $3,020 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 bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $3,150 
Major Resistance Level – $3,250

Ethereum Price Drops 8%: What’s Next for the Altcoin Giant?

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