Ethereum

Resistance

Ethereum price started a downside correction from the $3,520 zone. ETH is stable above $3,420 and might attempt another increase in the near term. 
<ul> 
 <li>Ethereum started a downside correction after it failed to surpass the $3,520 zone.</li> 
 <li>The price is trading above $3,420 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $3,470 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must clear the $3,470 and $3,520 resistance levels to continue higher.</li> 
</ul> 
<h2 id="ethereum-price-corrects-lower">Ethereum Price Corrects Lower</h2> 
Ethereum price started a decent upward move above the $3,420 level. ETH even cleared the $3,450 level to move into a short-term positive zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-challenge-63650/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price even cleared the $3,500 resistance zone. A high was formed at $3,516 and the price recently started a downside correction. There was a move below the $3,480 and $3,470 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high. 
However, the bulls seem to be active near the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bounces-3520/" target="_blank" rel="noopener ">$3,420 support zone</a>. They are protecting the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high. 
Ethereum is trading above $3,420 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,470 level. There is also a connecting bearish trend line forming with resistance near $3,470 on the hourly chart of ETH/USD. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627299 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_65aff8.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above the $3,520 level might send Ether toward the $3,550 resistance. The next key resistance is near $3,650. An upside break above the $3,650 resistance might send the price higher. Any more gains could send Ether toward the $3,720 resistance zone. 
<h2 id="are-dips-supported-in-eth">Are Dips Supported In ETH?</h2> 
If Ethereum fails to clear the $3,470 resistance, it could continue to move down. Initial support on the downside is near $3,435. The first major support sits near the $3,420 zone. 
A clear move below the $3,420 support might push the price toward $3,350. Any more losses might send the price toward the $3,320 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $3,420 
Major Resistance Level – $3,470

Ethereum Price Undergoes Technical Correction: Can ETH Resume Higher?

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