Ethereum

Mirror

Resistance

Ethereum price extended losses and tested the $3,080 support zone. ETH is recovering and might aim for a test of the $3,350 resistance zone. 
<ul> 
 <li>Ethereum tested $3,080 and started a recovery wave.</li> 
 <li>The price is trading below $3,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up if it stays above the $3,180 support zone.</li> 
</ul> 
<h2 id="ethereum-price-recovers-above-3-200">Ethereum Price Recovers above $3,200</h2> 
Ethereum price extended losses below the $3,250 support zone. ETH even declined below $3,150 and tested the $3,080 support zone. A low is formed at $3,087 and the price is now rising but lacks momentum like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move above the $3,200 resistance. The price cleared the 23.6% Fib retracement level of the downward move from the $3,500 swing high to the $3,087 low. Besides, there was a break above a connecting bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD. 
Ethereum is still trading below $3,350 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-drops-3200-2/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there are more upsides, the price could face resistance near the $3,300 level. 
The first major resistance is near the $3,350 level, the 100-hourly Simple Moving Average, and the 61.8% Fib retracement level of the downward move from the $3,500 swing high to the $3,087 low. The next major hurdle is near the $3,400 level. A close above the $3,400 level might send Ether toward the $3,500 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631657 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_cb98a0.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,720 resistance zone in the coming days. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near $3,185. The first major support sits near the $3,120 zone. 
A clear move below the $3,120 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 bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. 
Major Support Level – $3,185 
Major Resistance Level – $3,350

Ethereum Targets Recovery: Can It Mirror Bitcoin’s Performance?

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