Ethereum

Resistance

Higher

Ethereum price failed to continue higher above the $3,500 resistance zone. ETH corrected gains and is now trading in a range above the $3,400 level. 
<ul> 
 <li>Ethereum is consolidating below the $3,500 resistance zone.</li> 
 <li>The price is trading below $3,480 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key declining channel forming with resistance at $3,470 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if there is a clear move above the $3,500 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-stuck-in-a-range-below-3-550">Ethereum Price Stuck In A Range Below $3,550</h2> 
Ethereum price failed to extend gains above the $3,550 resistance zone. ETH corrected gains and traded below the $3,500 level like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-65500/" target="_blank" rel="noopener ">Bitcoin</a>. The bears were able to push the price below the $3,450 level. 
A low is formed near $3,390 and the price is rising. There was a move above the $3,420 level. The price climbed above the 50% Fib retracement level of the downward move from the $3,540 swing high to the $3,390 low. However, the bears are active near the $3,500 level. 
They failed to clear the 61.8% Fib retracement level of the downward move from the $3,540 swing high to the $3,390 low. There is also a key declining channel forming with resistance at $3,470 on the hourly chart of ETH/USD. 
Ethereum is now trading below $3,500 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-battles-3550/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. On the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631244 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_37fb68.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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 toward the $3,800 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near $3,420. The first major support sits near the $3,400 zone. 
A clear move below the $3,400 support might push the price toward $3,340. Any more losses might send the price toward the $3,320 support level in the near term. The next key support sits at $3,250. 
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 above the 50 zone. 
Major Support Level – $3,400 
Major Resistance Level – $3,500

Ethereum In A Holding Pattern: Will It Break Out To Higher Levels?

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