Ethereum

Bitcoin

when

<ul>
 <li>Ethereum has faced multiple rejections near the $3,500 resistance since early June.</li>
 <li>After a weekend surge, ETH saw a technical correction, falling below $3,450 and testing key support.</li>
</ul>
Over the weekend, the Ethereum market displayed a <a href="https://thenewscrypto.com/is-ethereum-eth-on-the-verge-of-a-price-correction/" target="_blank" rel="noopener noreferrer nofollow">bullish trend</a> and enjoyed a 5% jump to the $3,500 resistance zone. However, the momentum couldn’t be sustained as the cryptocurrency initiated declined below the $3,450 mark. This resistance has been a recurring challenge since June 6, when Ethereum failed to break through the $4,000 level.
On July 1, Ethereum managed to climb above the $3,400 resistance and briefly entered a positive zone with a $3,525 peak, a similar pattern to Bitcoin (BTC). But this bullish phase was short-lived as the price faced a correction, dipping below the $3,450 mark today. It also fell under the 23.6% Fibonacci retracement level, which spans from the $3,350 low to the $3,525 high.
<h3 class="wp-block-heading" id="h-will-ethereum-hit-4-000">Will Ethereum Hit $4,000?</h3>
Despite this <a href="https://thenewscrypto.com/can-ethereum-rally-continue-to-new-highs-this-week/" target="_blank" rel="noopener noreferrer nofollow">pullback</a>, bullish sentiment persists near the $3,440 support level, protecting the 38.2% Fibonacci retracement level from the recent upward move.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="513" src="https://thenewscrypto.com/wp-content/uploads/2024/07/image-7-1024x513.png" alt="" class="wp-image-102316" srcset="https://thenewscrypto.com/wp-content/uploads/2024/07/image-7-1024x513.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-7-300x150.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-7-768x385.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-7.png 1293w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
At the time of writing, Ethereum <a href="https://in.tradingview.com/symbols/ETHUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">traded </a>around $3,446, hovering above the 21-day simple moving average (SMA) but below the 9-day SMA, indicating a short-term correction. However, it remains above the 100-hourly SMA, suggesting some underlying bullish sentiment.
On the upside, Ethereum continues resistance around the $3,500 mark, with a bullish trend line forming near $3,580 on the hourly ETH/USD chart. The major resistance levels are anticipated at $3,700 and $3,750, with a potential close above $3,750. That possibly propels the price towards the $3,900 and $4,000 resistance zones. A decisive break above $4,000 could further drive Ethereum towards the $4,250 level.
Conversely, if Ethereum fails to overcome the $3,500 resistance, it may enter a decline. Initial support is near $3,420, with key support at $3,350. A clear move below this support could see the price drop to $3,150, with further losses potentially driving it below the $3,000 level in the near term.

Is Ethereum Set for a Major Upswing or Continued Correction?

Innehållsförteckning

TheNewsCrypto

Andra artiklar publicerade 2 juli 2024

1.28 Trillion PEPE Exits Binance in Epic Whale Shift

5 Best Altcoins to Buy Now July 2 – Ocean Protocol, Polkadot, Stellar, OKB

Robinhood CLO May Replace SEC Chair Gensler Under Trump’s Presidency

MoonBag Coins Become The Flagship This Season As Celestia and Ondo Clutch At Straws

Cartesi and Avail Announce Strategic Integration to Advance Web3 Development

Vitalik Buterin Ethereum Proposal Aims for Faster Trades with Single-Slot Finality

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!