Ethereum

Resistance

Ethereum price started a major increase above the $3,250 resistance zone. ETH even surpassed $3,300 and aims for more upsides in the near term. 
<ul> 
 <li>Ethereum is gaining pace above the $3,250 level.</li> 
 <li>The price is trading above $3,250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to rise above the $3,320 and $3,350 resistance levels.</li> 
</ul> 
<h2 id="ethereum-price-regains-strength">Ethereum Price Regains Strength</h2> 
Ethereum price started a steady increase above the $3,150 resistance zone. ETH even climbed above the $3,250 resistance to move into a positive zone. Finally, there was a move above the $3,300 resistance, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-breaks-62k/" target="_blank" rel="noopener ">Bitcoin</a>. 
It tested the $3,250 resistance zone. A high was formed at $3,339 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. 
Ethereum is now trading above $3,280 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rises-3200/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a connecting bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD. 
On the upside, the price is facing resistance near the $3,340 level. The first major resistance is near the $3,350 level. The next major hurdle is near the $3,420 level. A close above the $3,420 level might send Ether toward the $3,500 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629756 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_4b43af.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 $3,650 resistance zone in the coming days. 
<h2 id="are-dips-supported-in-eth">Are Dips Supported In ETH?</h2> 
If Ethereum fails to clear the $3,340 resistance, it could start a downside correction. Initial support on the downside is near $3,270 and the trend line. The first major support sits near the $3,220 zone. 
A clear move below the $3,220 support might push the price toward $3,200 or the 50% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050. 
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 – $3,270 
Major Resistance Level – $3,340

Ethereum Leaps 5%, Crosses $3,300: Bulls Command The Market

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