Ethereum In A Holding Pattern: Will It Break Out To Higher Levels?
July 23 2024 - 11:28PM
NEWSBTC
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. Ethereum is consolidating below the $3,500
resistance zone. The price is trading below $3,480 and the
100-hourly Simple Moving Average. There is a key declining channel
forming with resistance at $3,470 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could start a fresh increase if
there is a clear move above the $3,500 resistance zone. Ethereum
Price Stuck In A Range Below $3,550 Ethereum price failed to extend
gains above the $3,550 resistance zone. ETH corrected gains and
traded below the $3,500 level like Bitcoin. 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 100-hourly
Simple Moving Average. 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 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. Another Decline In ETH?
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 (COIN:ETHUSD)
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