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?

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TheNewsCrypto

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