Ethereum

Resistance

Ethereum price failed to climb above the $3,520 zone and corrected gains. ETH is now showing bearish signs below the $3,400 support zone. 
<ul> 
 <li>Ethereum started a downside correction after it failed to surpass the $3,520 zone.</li> 
 <li>The price is trading below $3,400 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair is now at risk of more downsides below the $3,350 support zone.</li> 
</ul> 
<h2 id="ethereum-price-dips-again">Ethereum Price Dips Again</h2> 
Ethereum price failed to continue higher above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-correction-3420/" target="_blank" rel="noopener ">$3,520 and $3,550 resistance levels</a>. ETH formed a top near $3,520 and started a fresh decline like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-back-62k/" target="_blank" rel="noopener ">Bitcoin</a>. There was a move below the $3,450 and $3,420 support levels. 
The bears pushed the price below the 50% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high. It seems like the price trimmed most gains and might continue to move down below the $3,350 support zone. 
Ethereum is trading below $3,400 and the 100-hourly Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high. 
If there is a recovery wave, the price might face resistance near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. The first major resistance is near the $3,435 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627546 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_94f525.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 $3,465 level. A close above the $3,465 level might send Ether toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. Any more gains could send Ether toward the $3,650 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $3,410 resistance, it could continue to move down. Initial support on the downside is near $3,365. The first major support sits near the $3,350 zone. 
A clear move below the $3,350 support might push the price toward $3,250. Any more losses might send the price toward the $3,120 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 – $3,350 
Major Resistance Level – $3,435

Ethereum Reverses Course: Can ETH Bulls Save The Day?

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