Ethereum

Base

Resistance

Ethereum price seems to be forming a base above the $2,820 level. ETH could break the $3,160 resistance and rise toward the $3,320 resistance. 
<ul> 
 <li>Ethereum is consolidating losses above the $2,880 level.</li> 
 <li>The price is trading above $3,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance near $2,960 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could gain bullish momentum if there is a close above the $3,160 resistance.</li> 
</ul> 
<h2 id="ethereum-price-eyes-more-upsides">Ethereum Price Eyes More Upsides</h2> 
Ethereum price retested the $2,820 support zone. ETH seems to be forming a base above $2,820 and recently started a consolidation phase, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stabilizes-55k/" target="_blank" rel="noopener ">Bitcoin</a>. There was a recovery wave above the $2,880 and $2,920 resistance levels. 
There was also a break above a key bearish trend line with resistance near $2,960 on the hourly chart of ETH/USD. The pair tested the $3,080 resistance zone. A high was formed at $3,072 and the price could aim for more upsides in the near term. 
Ethereum is now trading above $3,000 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-settles-below-3k/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. It is also above the 23.6% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high. 
If there is another recovery wave, the price might face resistance near the $3,080 level. The first major resistance is near the $3,150 level. The next major hurdle is near the $3,200 level. A close above the $3,200 level might send Ether toward the $3,320 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-628493 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_83463f.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $3,350. An upside break above the $3,350 resistance might send the price higher toward the $3,500 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,960 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high. 
A clear move below the $2,960 support might push the price toward $2,880. Any more losses might send the price toward the $2,820 level in the near term. 
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 – $2,960 
Major Resistance Level – $3,150

Ethereum Targets $3,320: Bulls Eye Recovery with Base Formation

目錄

NewsBTC

在 2024年7月9日發表的其他文章

Japan’s Crypto Trading Surge: 500,000 Daily Traders Expected by Year-End

Here’s Key Reason Why Bitcoin Will Begin It’s Bull Run

Bonk Memecoin Star Of The Day, Shoots Up Nearly 20% — Pepe And Floki Chart Impressive Gains Leavi...

BlockDAG’s Thrilling Surge: Targeting a Meteoric 30,000x ROI as Polkadot Soars and Sei Wobbles

Republicans Vow To Support Bitcoin And Crypto In 2024 Election Even As Bettors Lower Odds Of Bide...

Investors Eager to Ride the Wave as Qubetics Whitelist Outshines Near Protocol and EOS

訂閱免費電子報，每天收取加密貨幣最新動態！